KBRA Assigns Preliminary Ratings to Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2)

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to
fifty-three classes of mortgage pass-through certificates from
Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2), a prime RMBS
transaction. SCOT 2017-2 contains both prime jumbo (92.2%) and
high-balance conforming (7.8%) collateral to borrowers with prime
attributes.

The SCOT 2017-2 mortgage pool is composed of 459 first-lien mortgage
loans with an aggregate principal balance of $323,377,050, as of the
cut-off date. The underlying collateral consists predominantly of fully
amortizing, fixed-rate mortgages (99.6%), with a small portion of the
pool (0.40%) having 7-year hybrid adjustable-rate mortgage terms. The
pool is characterized by substantial borrower equity in each mortgaged
property, as evidenced by the WA original LTV of 69.9% and WA original
CLTV of 70.2%. The weighted average original credit score is 769, which
is within the prime mortgage range.

KBRA’s rating approach incorporated loan-level analysis of the mortgage
pool through its Residential Mortgage Default and Loss Model, 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.

For complete details on the analysis, please see our pre-sale Report, Shellpoint
Co-Originator Trust 2017-2
, which was published on September 12,
2017 on www.kbra.com.

Related Publications: (available
at www.kbra.com)

CONNECT WITH KBRA
Twitter
LinkedIn
Download
the iOS App

YouTube

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a
Nationally Recognized Statistical Rating Organization (NRSRO). In
addition, KBRA is recognized by the National Association of Insurance
Commissioners (NAIC) as a Credit Rating Provider (CRP).

Contacts

Kroll Bond Rating Agency
Analytical
Contacts:

Kristymarie Cariello, Director
646-731-2494
kcariello@kbra.com
or
Jack
Kahan, Managing Director
646-731-2486
jkahan@kbra.com
or
Ryon
Aguirre, Associate Director
646-731-2382
raguirre@kbra.com