New York, June 29, 2017 -- Moody's Investors Service ("Moody's") stated today that the transfer of
servicing of 4,928 loans from 38 US RMBS transactions from CitiMortgage,
Inc. ("Citi"), the current primary servicer,
to Nationstar Mortgage LLC ("NSM") and an amendment of the
servicing agreements of 33 of the transactions to allow financing of servicing
advances and deferred servicing fees, will not, in and of
itself and at this time, result in a reduction or withdrawal of
the current ratings on the securities issued by these transactions.
Citi requested that Moody's provide its opinion on whether the ratings
on the securities issued by the affected transactions would be downgraded
or withdrawn as a result of the servicing transfer from Citi to NSM and,
for certain transactions, the amendment to their servicing agreements.
The transfer of servicing to NSM is scheduled for August 1, 2017.
Moody's view is based primarily on its opinion that the ratings of each
of the securities in the transaction will not have material negative implication
following changes in servicing strategy that occur after the transfer
of servicing. In addition, Moody's view is also based
on the opinion that the amendment does not modify the calculation of amounts
to be distributed to certificate holders or the order of priority of distribution,
does not alter the servicer's advancing obligations and does not expand
the servicer's right to be reimbursed for advances. In addition,
the servicer agrees to indemnify the transaction parties for any costs
resulting from claims arising out of any advance financing facility.
Moody's opinion addresses only the current impact on Moody's ratings,
and we do not express an opinion as to whether the transfer of servicing
rights or the amendment of servicing agreements has or could have any
other effects that investors may or may not view positively.
The methodology used in assessing the credit impact of the servicing transfer
was "US RMBS Surveillance Methodology" published in January 2017.
Other methodology includes "Servicer Quality Assessments for Servicers
of Residential Mortgages" published in May 2017. Please see the
Rating Methodologies page on www.moodys.com for a copy of
these methodologies.
Affected Transactions:
Structured Asset Securities Corp 2002-21A
Structured Asset Securities Corp 2002-25A
Structured Asset Securities Corp 2003-6A
Structured Asset Securities Corp 2003-12XS
Structured Asset Securities Corp 2003-15A
Structured Asset Securities Corp Trust 2003-17A
Structured Asset Securities Corp 2003-18XS
Structured Asset Securities Corp Trust 2003-22A
Structured Asset Securities Corp Trust 2003-24A
Structured Asset Securities Corp 2003-25XS
Structured Asset Securities Corp Trust 2003-28XS
Structured Asset Securities Corp Trust 2003-26A
Structured Asset Securities Corp Trust 2003-31A
Structured Asset Securities Corp Trust 2003-34A
Structured Asset Securities Corp Trust 2003-36XS
Structured Asset Securities Corp Trust 2003-33H
Structured Asset Securities Corp Trust 2003-37A
Structured Asset Securities Corp Trust 2003-35
Structured Asset Securities Corp Trust 2004-5H
Structured Asset Securities Corp Trust 2004-4XS
Structured Asset Securities Corp Trust 2004-6XS
Lehman ABS Corporation 2004-1 Trust
Structured Asset Securities Corp Trust 2004-7
Structured Asset Securities Corp Trust 2004-12H
Structured Asset Securities Corp Trust 2004-11XS
Structured Asset Securities Corp Trust 2004-10
Structured Asset Securities Corp Trust 2004-13
Structured Asset Securities Corp Trust 2004-16XS
Structured Asset Securities Corp Trust 2004-19XS
Structured Asset Securities Corp Trust 2004-21XS
Structured Asset Securities Corp Trust 2004-22
Structured Asset Securities Corp Trust 2004-17XS
Structured Asset Securities Corp Trust 2005-2XS
Structured Asset Securities Corp. 2005-RF2
Structured Asset Securities Corp 2005-RF1
Structured Asset Securities Corp Trust 2005-11H
Structured Asset Securities Corp. 2005-RF3
Structured Asset Securities Corp. 2005-RF4
This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com
for the most updated credit rating action information and rating history.
Chloe Zhang
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Youriy Koudinov
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653