DBRS Morningstar Takes Rating Actions on 130 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 1,339 classes from 130 U.S. residential mortgage-backed securities (RMBS) transactions. Of the 1,339 classes reviewed, DBRS Morningstar upgraded 496 ratings, confirmed 839 ratings, downgraded one rating, and discontinued three 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 downgrade reflects the delayed recovery of the bonds’ interest shortfall amount. The discontinued ratings reflect the full repayment of principal to bondholders.

The RMBS transactions reviewed consist of securitizations of non-QM, seasoned, net interest margin, small balance commercial, and prime 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 is not fully reflected in projected cash flows/model output.

-- New Residential Mortgage Loan Trust 2016-3, Mortgage-Backed Notes, Series 2016-3, Class B-4
-- New Residential Mortgage Loan Trust 2016-3, Mortgage-Backed Notes, Series 2016-3, Class B-5
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-IO
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1A
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1B
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-1C
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A1-IOA
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A1-IOB
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A1-IOC
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A-2
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class A
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IO
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1A
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1B
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B-1C
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IOA
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IOB
-- New Residential Mortgage Loan Trust 2016-4, Mortgage-Backed Notes, Series 2016-4, Class B1-IOC
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-4
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-4A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B4-IOA
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-5
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-5A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B5-IOA
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3A
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3B
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-3C
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B3-IOA
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B3-IOB
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B3-IOC
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-4
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-4A
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-4B
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B4-IOA
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B4-IOB
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-5
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-5A
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B-5B
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B5-IOA
-- New Residential Mortgage Loan Trust 2017-5, Mortgage-Backed Notes, Series 2017-5, Class B5-IOB
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B-5
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B-5A
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B5-IOA
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B-5B
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B5-IOB
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B-5C
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B5-IOC
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B-5D
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B5-IOD
-- New Residential Mortgage Loan Trust 2017-6, Mortgage-Backed Notes, Series 2017-6, Class B-7
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IO
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2D
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IO
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3A
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3B
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3C
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-3D
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4A
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4B
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-4C
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5A
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5B
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5C
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-5D
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOA
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOC
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B5-IOD
-- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed Notes, Series 2018-2, Class B-7
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3A
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3B
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-3C
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4A
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4B
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-4C
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5A
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5B
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5C
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-5D
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOA
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOC
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B5-IOD
-- New Residential Mortgage Loan Trust 2018-4, Mortgage-Backed Notes, Series 2018-4, Class B-7
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IO
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3A
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3B
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3C
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-3D
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4A
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4B
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-4C
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5A
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5B
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5C
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-5D
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOA
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOC
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B5-IOD
-- New Residential Mortgage Loan Trust 2018-5, Mortgage-Backed Notes, Series 2018-5, Class B-7
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IO
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3A
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3B
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3C
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-3D
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IOA
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IOB
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B3-IOC
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4A
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4B
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-4C
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B4-IOA
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B4-IOB
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B4-IOC
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5A
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5B
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5C
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-5D
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-7
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-4
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-4A
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-4B
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-4C
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B4-IOA
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B4-IOB
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B4-IOC
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-5
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-5A
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-5B
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-5C
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-5D
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-7
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5A
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5B
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5C
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-5D
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-4, Mortgage-Backed Notes, Series 2019-4, Class B-7
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5A
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5B
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5C
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-5D
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6A
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6B
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-6C
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B6-IOA
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B6-IOB
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B6-IOC
-- New Residential Mortgage Loan Trust 2019-5, Mortgage-Backed Notes, Series 2019-5, Class B-8
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IO
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3A
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3B
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3C
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-3D
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IOA
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IOB
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B3-IOC
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4A
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4B
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-4C
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B4-IOA
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B4-IOB
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B4-IOC
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5A
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5B
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5C
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-5D
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOA
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOB
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOC
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B5-IOD
-- New Residential Mortgage Loan Trust 2019-6, Mortgage-Backed Notes, Series 2019-6, Class B-7
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IO
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2A
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2B
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2C
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-2D
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IOA
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IOB
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B2-IOC
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4A
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4B
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-4C
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B4-IOA
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B4-IOB
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B4-IOC
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5A
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5B
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5C
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-5D
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOA
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOB
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOC
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B5-IOD
-- New Residential Mortgage Loan Trust 2020-1, Mortgage-Backed Notes, Series 2020-1, Class B-7
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class B-2
-- Angel Oak Mortgage Trust I, LLC 2019-1, Mortgage-Backed Certificates, Series 2019-1, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2019-1, Mortgage-Backed Certificates, Series 2019-1, Class B-2
-- Angel Oak Mortgage Trust I 2019-2, Mortgage-Backed Certificates, Series 2019-2, Class B-1
-- Angel Oak Mortgage Trust I 2019-2, Mortgage-Backed Certificates, Series 2019-2, Class B-2
-- Bunker Hill Loan Depositary Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class M-1
-- Bunker Hill Loan Depositary Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-1
-- Bunker Hill Loan Depositary Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-2
-- Deephaven Residential Mortgage Trust 2022-1, Mortgage-Backed Notes, Series 2022-1, Class A-3
-- Deephaven Residential Mortgage Trust 2022-1, Mortgage-Backed Notes, Series 2022-1, Class M-1
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B4
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B5
-- Galton Funding Mortgage Trust 2019-H1, Mortgage Pass-Through Certificates, Series 2019-H1, Class M1
-- Galton Funding Mortgage Trust 2019-H1, Mortgage Pass-Through Certificates, Series 2019-H1, Class B1
-- MFA 2020-NQM3 Trust, Mortgage Pass-Through Certificates, Series 2020-NQM3, Class M-1
-- MFA 2020-NQM3 Trust, Mortgage Pass-Through Certificates, Series 2020-NQM3, Class B-1
-- MFA 2020-NQM3 Trust, Mortgage Pass-Through Certificates, Series 2020-NQM3, Class B-2
-- New Residential Mortgage Loan Trust 2019-NQM4, Mortgage-Backed Notes, Series 2019-NQM4, Class M-1
-- New Residential Mortgage Loan Trust 2019-NQM5, Mortgage-Backed Notes, Series 2019-NQM5, Class M-1
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-2
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B2-IO
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-3
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B3-IO
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-4
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-5
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-2A
-- OBX 2018-1 Trust, Mortgage-Backed Notes, Series 2018-1, Class B-3A
-- Verus Securitization Trust 2021-R1, Mortgage-Backed Notes, Series 2021-R1, Class A-3
-- Verus Securitization Trust 2021-R1, Mortgage-Backed Notes, Series 2021-R1, Class M-1
-- Verus Securitization Trust 2021-R1, Mortgage-Backed Notes, Series 2021-R1, Class B-1
-- Verus Securitization Trust 2021-R1, Mortgage-Backed Notes, Series 2021-R1, Class B-2
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M-1
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M-2
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M-3
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M-4
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M-5
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M1-A
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M1-IO
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M2-A
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M2-IO
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M3-A
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M3-IO
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M4-A
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M4-IO
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M5-A
-- Velocity Commercial Capital Loan Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4, Class M5-IO
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M-1
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M1-A
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M1-IO
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M-2
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M2-A
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M2-IO
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M-3
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M3-A
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M3-IO
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M-5
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M5-A
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M5-IO
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M-6
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M6-A
-- Velocity Commercial Capital Loan Trust 2022-1, Mortgage-Backed Certificates, Series 2022-1, Class M6-IO
-- GS Mortgage-Backed Securities Trust 2020-PJ2, Mortgage Pass-Through Certificates, Series 2020-PJ2, Class B-2
-- GS Mortgage-Backed Securities Trust 2020-PJ2, Mortgage Pass-Through Certificates, Series 2020-PJ2, Class B-3
-- GS Mortgage-Backed Securities Trust 2020-PJ2, Mortgage Pass-Through Certificates, Series 2020-PJ2, Class B-4

The transaction assumptions consider DBRS Morningstar’s baseline macroeconomic scenarios for rated sovereign economies, available in its commentary “Baseline Macroeconomic Scenarios for Rated Sovereigns: September 2022 Update,” published on September 19, 2022 (https://www.dbrsmorningstar.com/research/402907). These baseline macroeconomic scenarios replace DBRS Morningstar’s moderate and adverse Coronavirus Disease (COVID-19) pandemic scenarios, which were first published in April 2020.

The rating actions are the result of DBRS Morningstar’s application of its “U.S. RMBS Surveillance Methodology,” published on February 21, 2020, and its “North American CMBS Surveillance Methodology,” published on October 3, 2022.

ENVIRONMENTAL, SOCIAL, AND 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 (May 17, 2022).

Notes:
The principal methodologies are the U.S. RMBS Surveillance Methodology (February 21, 2020) and North American CMBS Surveillance Methodology (October 3, 2022), 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/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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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