JP Morgan Mortgage Trust 2023-DSC1

Presale:

J.P. Morgan Mortgage Trust 2023-DSC1

March 27, 2023

Preliminary Ratings

Class

Preliminary

ratings(i) Class type

Initial interest

rate (%)

Preliminary amount

($)

Credit

enhancement

(%)(ii)

A-1 AAA (sf) Senior/pro rata/depositable 4.625(iii) 199,463,000 34.85

A-1-A AAA (sf) Senior/pro rata/MACR 3.625(iv) 199,463,000 34.85

A-1-A-X AAA (sf) Senior IO/pro rata/MACR 1.000(v) 199,463,000(vi) N/A

A-1-B AAA (sf) Senior/pro rata/MACR 2.625(vii) 199,463,000 34.85

A-1-B-X AAA (sf) Senior IO/pro rata/MACR 2.000(viii) 199,463,000(vi) N/A

A-1-C AAA (sf) Senior/pro rata/MACR 1.625(ix) 199,463,000 34.85

A-1-C-X AAA (sf) Senior IO/pro rata/MACR 3.000(x) 199,463,000(vi) N/A

A-2 AA- (sf) Senior/pro rata/depositable 4.625(iii) 27,707,000 25.80

A-2-A AA- (sf) Senior/pro rata/MACR 3.625(iv) 27,707,000 25.80

A-2-A-X AA- (sf) Senior IO/pro rata/MACR 1.000(v) 27,707,000(vi) N/A

A-2-B AA- (sf) Senior/pro rata/MACR 2.625(vii) 27,707,000 25.80

A-2-B-X AA- (sf) Senior IO/pro rata/MACR 2.000(viii) 27,707,000(vi) N/A

A-2-C AA- (sf) Senior/pro rata/MACR 1.625(ix) 27,707,000 25.80

A-2-C-X AA- (sf) Senior IO/pro rata/MACR 3.000(x) 27,707,000(vi) N/A

A-3 A- (sf) Senior/pro rata/depositable 4.625(iii) 35,974,000 14.05

A-3-A A- (sf) Senior/pro rata/MACR 3.625(iv) 35,974,000 14.05

A-3-A-X A- (sf) Senior IO/pro rata/MACR 1.000(v) 35,974,000(vi) N/A

A-3-B A- (sf) Senior/pro rata/MACR 2.625(vii) 35,974,000 14.05

A-3-B-X A- (sf) Senior IO/pro rata/MACR 2.000(viii) 35,974,000(vi) N/A

A-3-C A- (sf) Senior/pro rata/MACR 1.625(ix) 35,974,000 14.05

A-3-C-X A- (sf) Senior IO/pro rata/MACR 3.000(x) 35,974,000(vi) N/A

M-1 BBB- (sf) Mezzanine/sequential 4.883(xi) 15,920,000 8.85

B-1 BB- (sf) Subordinate/sequential 4.883(xi) 11,634,000 5.05

B-2 B- (sf) Subordinate/sequential 4.883(xi) 8,113,000 2.40

B-3 NR Subordinate/sequential 4.883(x)(xii) 7,348,779 0.00

Presale:

J.P. Morgan Mortgage Trust 2023-DSC1

March 27, 2023

PRIMARY CREDIT ANALYST

Julian He, CFA

New York

+ 1 (212) 438 8154

julian.he

@spglobal.com

SECONDARY CONTACT

Zhan Zhai

New York

(1) 212-438-1970

zhan.zhai

@spglobal.com

SURVEILLANCE CREDIT ANALYST

Truc T Bui

San Francisco

+ 1 (415) 371 5065

truc.bui

@spglobal.com

ANALYTICAL MANAGER

Vanessa Purwin

New York

+ 1 (212) 438 0455

vanessa.purwin

@spglobal.com

RESEARCH CONTRIBUTOR

Praveenkumar Sharma

CRISIL Global Analytical Center, an

S&P affiliate, Pune

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2965067

Preliminary Ratings (cont.)

Class

Preliminary

ratings(i) Class type

Initial interest

rate (%)

Preliminary amount

($)

Credit

enhancement

(%)(ii)

A-IO-S NR Excess servicing (xiii) Notional(xiv) N/A

XS NR Monthly excess cash flow (xv) Notional(xiv) N/A

A-R NR REMIC Residual N/A N/A N/A

Note: This presale report is based on information as of March 27, 2023. The ratings shown are preliminary. This report does not constitute a

recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the

preliminary ratings. (i)The collateral and structural information in this report reflect the term sheet dated March 23, 2023. The preliminary

ratings address the ultimate payment of interest and principal and do not address payment of the cap carryover amounts. (ii)This credit

enhancement is solely from subordination, though excess spread also provides credit enhancement. (iii)The lesser of 4.625% and the net WAC

for that distribution date. (iv)The lesser of 3.625% and the product of the net WAC for that distribution date and a fraction (the numerator of

which is 3.625% and the denominator of which is 4.625%). (v)The lesser of 1.000% and the product of the net WAC for that distribution date

and a fraction (the numerator of which is 1.000% and the denominator of which is 4.625%). (vi)Notional balance. (vii)The lesser of 2.625% and

the product of the net WAC for that distribution date and a fraction (the numerator of which is 2.625% and the denominator of which is

4.625%). (viii)The lesser of 2.000% and the product of the net WAC for that distribution date and a fraction (the numerator of which is 2.000%

and the denominator of which is 4.625%). (ix)The lesser of 1.625% and the product of the net WAC for that distribution date and a fraction (the

numerator of which is 1.625% and the denominator of which is 4.625%). (x)The lesser of 3.000% and the product of the net WAC for that

distribution date and a fraction (the numerator of which is 3.000% and the denominator of which is 4.625%). (xi)The net WAC for that

distribution date. (xii)On each distribution date, amounts otherwise payable to the class B-3 certificates as interest, including interest

carryforward, can be used to pay cap carryover to the class A-1, A-2, and A-3 certificates; and those payments will decrease the amount of

interest paid to the class B-3 certificates on the related payment date and will not be reimbursed to class B-3 certificates on any payment

date. (xiii)Excess servicing strip. (xiv)The notional amount equals the loans' aggregate unpaid principal balance. (xv)This class will receive

certain excess amounts, including prepayment premiums and default interest. MACR--Modifiable and exchangeable certificate.

WAC--Weighted average coupon. IO--Interest only. NR--Not rated. N/A--Not applicable.

Profile

Expected closing date March 31, 2023.

Cutoff date March 1, 2023.

Payment date The 25th of each month, or the next business day, beginning in April 2023.

Stated maturity date The payment date in January 2063.

Certificate balance,

including unrated classes

$306.2 million in aggregate.

Collateral type First-lien, fixed- and adjustable-rate, fully amortizing, and interest-only residential mortgage

loans. The loans are secured by single-family residences, planned-unit developments, two- to

10-unit multifamily homes, condominiums, and townhomes to both prime and nonprime

borrowers. The pool consists of 1,247 business-purpose investor loans that are exempt from the

qualified mortgage and ability-to-repay rules.

Credit enhancement Each class of preliminary rated certificates has subordination in the form of certificates that are

lower in payment priority, as well as excess spread that preserves subordination.

Participants

Issuer J.P. Morgan Mortgage Trust 2023-DSC1.

Sponsor and seller J.P. Morgan Mortgage Acquisition Corp.

Depositor J.P. Morgan Acceptance Corp. II.

Securities administrator, Delaware trustee, and resident trustee Citibank N.A.

Representation and warranty reviewer Pentalpha Surveillance LLC.

Master servicer Nationstar Mortgage LLC.

Custodian Computershare Trust Co. N.A.

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Presale: J.P. Morgan Mortgage Trust 2023-DSC1

Participants (cont.)

Servicer Shellpoint Mortgage Servicing LLC.

Loan data agent DV01 Inc.

Originators/sellers B4 Residential Mortgage Trust and others.

Originators/Sellers

By balance (%) Due diligence (%) Originator ranking

B4 Residential Mortgage Trust 62.63 100.00 N/A

Others 37.37 100.00 N/A

N/A--Not applicable.

Servicer

By balance (%)(i) S&P Global Ratings' select servicer Operation

Shellpoint Mortgage Servicing LLC 100.00 Yes Primary servicer

Nationstar Mortgage LLC 100.00 Yes Master servicer

(i)Once the servicer transfers of 62.63% of the mortgage loans from Fay Servicing LLC is completed on May 1, 2023.

Rationale

The preliminary ratings assigned to J.P. Morgan Mortgage Trust 2023-DSC1's (JPMMT

2023-DSC1) mortgage-backed certificates 2023-DSC1 reflect our view of:

- The pool's collateral composition (see the Collateral Summary section below);

- The transaction's credit enhancement, associated structural mechanics, geographic

concentration, the mortgage aggregators and mortgage originators, and representation and

warranty (R&W) framework; and

- The potential impact current and near-term macroeconomic conditions may have on the

performance of the mortgage borrowers in the pool. With the Russia-Ukraine conflict ongoing,

tensions over Taiwan escalating, and the China slowdown exacerbating supply-chain and

pricing pressures, the U.S. economy appears to be teetering toward recession. As a result, we

continue to maintain the revised outlook per the April 2020 update to the guidance to our RMBS

criteria, which increased the archetypal 'B' projected foreclosure frequency to 3.25% from

2.50% (see "Guidance: Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And

Later," published April 17, 2020).

Environmental, Social, And Governance (ESG) Factors

Our rating analysis considers a transaction's potential exposure to ESG credit factors. For RMBS,

we view the exposure to environmental credit factors as average, to social credit factors as above

average, and to governance credit factors as below average (see "ESG Industry Report Card:

Residential Mortgage-Backed Securities," published March 31, 2021). In our view, the

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Presale: J.P. Morgan Mortgage Trust 2023-DSC1

transaction's exposure to social, environmental and governance credit factors are in line with the

sector benchmark.

For RMBS, we generally consider social credit factors as above average because housing is viewed

as one of the most basic human needs, and conduct risk presents a direct social exposure for

lenders and servicers because regulators are increasingly focused on ensuring fair treatment of

borrowers. Social risk is generally factored into our base-case assumptions for RMBS

transactions, based on our consideration of the origination or aggregation platforms, the R&W

framework, and the third-party due diligence that informs our view of credit underwriting and

compliance with applicable consumer protections.

With respect to environmental factors, the transaction has exposures in line with the

environmental credit factors in our sector benchmark. It also has a geographically well-diversified

portfolio, which reduces exposure to extreme weather events, in our view.

The transaction's governance risk exposure is also in line with our benchmark. The R&W

framework is generally more consistent with prime transactions rather than non-QM/DSCR

transactions. It includes automatic review triggers upon delinquency and modification, and the

R&Ws are from multiple lenders, which limit exposure to the financial condition of any one

provider. In our view, certain other features also provide mitigants to the transaction's governance

risk exposures, including that the loans in the pool were all subject to a third-party due diligence

review (see the Third-Party Due Diligence section below for more detail).

Overview

JPMMT 2023-DSC1 is J.P. Morgan Mortgage Loan Trust's second rated investor-only,

business-purpose RMBS transaction.

Noteworthy Features

100% business-purpose investor loans

The collateral in this transaction is exclusively business-purpose investor loans. We applied our

criteria and made appropriate adjustments to the loss coverages. The entire pool uses

business-purpose underwriting programs to underwrite the loans. The loans are exempt from

ability-to-repay (ATR) rules and were all underwritten using debt service coverage ratios (DSCRs),

based on actual or estimated rents from the property, which were used in our analysis.

Class B-3 certificates interest used to cover potential class A-1, A-2, and A-3

certificates cap carryover amounts

The transaction documents dictate that, on each payment date, the interest (including interest

carryforward amounts) otherwise payable to the unrated class B-3 certificates, will instead be

reallocated to first pay cap carryover amounts due on the class A-1, A-2, and A-3 certificates,

sequentially. The B-3 interest amounts thus diverted will not be paid back to the class B-3

certificates. Although this feature increases the chances of paying cap carryover amounts to the

class A-1, A-2, and A-3 certificates at the cost of reducing the interest payments to the class B-3

certificates this did not have an impact on our analysis because the class B-3 certificates are

unrated, and the assigned preliminary ratings on the rated certificates address the ultimate

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Presale: J.P. Morgan Mortgage Trust 2023-DSC1

payment of interest (including interest carryforward amounts) and principal, and do not address

the payment of any cap carryover amounts.

Servicing transfer post-close

Before the May 1, 2023, expected servicer transfer date, Fay Servicing will act as interim servicer

for 62.63% of the pool balance, and Shellpoint Mortgage Servicing LLC will service the remaining

37.37% of the mortgage loans. Once the servicer transfer from Fay Servicing to Shellpoint

Mortgage Servicing is completed on or about May 1, 2023, Shellpoint Mortgage Servicing will

service all mortgage loans in the pool.

Excess spread compression

The fixed-rate bond coupons are relatively high compared to the net WAC of the pool, resulting in

relatively low excess spread in this transaction. To offset this reduction in soft credit

enhancement, the transaction has relatively higher levels of hard subordination credit

enhancement. In addition, this compressed excess spread may also increase the risk of

cap-carryover amounts being incurred and ultimately not paid to the applicable classes,

compared to transactions that have more spread. However, this is partly offset by the use of

amounts otherwise payable as interest to the unrated class B-3 to cover cap carryover amounts

for the senior classes. This did not affect the assigned preliminary ratings because our ratings do

not address the payment of cap-carryover amounts.

Low aggregate servicing fees

The aggregate servicing fee rate provided in the transaction documents is 25 basis points (bps).

We believe these aggregate servicing fees are relatively low for investor loans and, in our view,

might not be adequate to attract quality servicers should the servicing function need to be

transferred. In situations where the successive servicer charges a fee higher than 25 bps, it will

reduce the funds available to distribute to the certificates (i.e., reduce the excess spread that acts

as soft credit enhancement). As such, we ran our cash flow stresses by modeling an aggregate

servicing fee of 50 bps and concluded that this covered the likely potential reductions to the

certificateholders at our preliminary rating levels.

Successor servicer fee cap

There is generally an aggregate servicing fee cap of 0.25% for any successor servicer, according to

the transaction documents. However, in the case of a servicer event of default, the master servicer

may permit the transfer to a successor servicer at a rate over 0.25% irrespective of the cap. We

believe this provision provides adequate servicing transfer in a stressed environment.

Limited exposure to Hurricane Ian

The portfolio includes certain loans with properties that are located in Florida counties covered by

Federal Emergency Management Agency (FEMA) disaster declarations for Hurricane Ian. The

issuer ordered post storm inspections for all properties in the affected counties and indicated that

any loan with material damages to the property will be removed from the mortgage pool.

Notwithstanding the inspections and according to the damage representation language, the loan

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Presale: J.P. Morgan Mortgage Trust 2023-DSC1

would be repurchased if a realized loss triggers a R&W review, and it is determined that the

hurricane caused any material damage to the property and the damage occurred before the

closing date. Given that the issuer will remove any mortgage loan with material damages from the

mortgage pool and there is a no-damage R&W, we believe the pool's exposure to Hurricane Ian is

not a material risk and, as such, did not make any additional adjustments to our analysis.

R&W framework

The transaction's R&W framework is generally more consistent with those of prime transactions

rather than non-QM/DSCR transactions. It includes automatic review triggers upon delinquency

and modification, and the R&Ws are provided by multiple lenders, which limit exposure to any one

provider's financial condition.

Collateral Summary

The mortgage loans in JPMMT 2023-DSC1 were originated under programs for mortgagors that

intend to use the related mortgage property for rental purposes (business-purpose loans). The

originators of the mortgages in the pool primarily use FICO scores, loan-to-value (LTV) ratios, and

DSCRs to underwrite the loans. The loans (as described below) are underwritten to actual or

estimated rental incomes. None of the loans use the mortgagors' incomes for underwriting.

As of the cutoff date, the $306.2 million mortgage pool consists of 1,247 newly originated,

first-lien fixed- (98.64%) and adjustable-rate (1.36%), fully amortizing residential mortgage loans.

The loans are primarily backed by single-family residences (64.49%, including planned-unit

development and townhouses), two- to four-unit multifamily homes (31.20%), condominiums

(3.97%), and five- to 10-unit multifamily homes (0.34%). The weighted average seasoning for the

pool is approximately 11 months.

The weighted average used FICO score for the collateral pool is 745, which includes certain S&P

Global Ratings assumptions (see table 1 for a breakdown of the pool by the borrowers' FICO

scores). The pool includes 16 loans to foreign borrowers (1.42% by pool balance), of which three

loans do not have a FICO score. We assumed a FICO score of 715--the pool's approximate average

original FICO score minus one standard deviation--for these loans. We applied a 1.5x multiple to

the foreclosure frequencies to all foreign borrower loans.

Table 1

Used Credit Score Statistics

FICO score Current balance (%) No. of loans

>=750 53.05 641

725-749 19.04 237

700-724 14.29 196

675-699 6.92 83

650-674 4.37 56

625-649 2.03 30

600-624 0.29 4

575-599 -- --

550-574 -- --

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Presale: J.P. Morgan Mortgage Trust 2023-DSC1

Table 1

Used Credit Score

Statistics (cont.)

FICO score Current balance (%) No. of loans

<550 -- --

Total 100.00 1,247

The collateral pool is weaker than the S&P Global Ratings' archetypal prime pool from a credit

perspective, but it is generally in line with our expectations for a 100% DSCR investment property

residential mortgage pool (see table 2).

The pool's 'AAA' loss coverage requirement was determined to be 28.40%. In our analysis, we

consider the following mortgage loan characteristics to be weaker:

- The loans are business-purpose investor loans that are underwritten to DSCRs, based on the

rental income on the property;

- Property types (two- to four-family homes);

- Loan purpose (cash-out refinances); and

- Loan type (adjustable-rate mortgages [ARMs], and interest-only features).

Table 2

Collateral Characteristics(i)

JPMMT

2023-DSC1

JPMMT

2022-DSC1

BARC

2022-INV1

VERUS

2023-INV1

MFA

2023-INV1

Visio

2023-1

JPMMT

2021-INV6

S&P

Global

Ratings'

archetypal

prime

pool(ii)

Closing pool balance (mil.

306 308 329 500 204 184 646 N/A

Closing loan count (no.) 1,247 980 1,049 1,244 788 655 1,750 N/A

Avg. loan balance ($) 245,517 314,504 314,038 401,896 258,698 280,350 368,868 N/A

WA original CLTV (%)(iii) 69.6 69.6 70.5 69.0 68.5 71.7 66.8 75.0

WA current CLTV (%)(iii) 68.6 68.4 70.3 68.8 68.2 71.7 66.4 75.0

WA FICO(iv) 745 740 736 722 730 739 764 725

WA current rate (%) 5.2 5.3 4.9 8.1 7.0 8.2 3.5 N/A

WA seasoning (mos.) 11.3 11.8 4.0 5.0 4.0 4.0 3.5 0.0-6.0

WA debt-to-income (%) N/A N/A 28 N/A N/A N/A 35 36

WA DSCR (non-zero) 1.37 1.41 1.32 1.07 1.43 1.24 N/A N/A

Investor (%) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 N/A

Single-family (including

planned-unit

development) (%)

64.5 62.1 63.8 66.9 63.6 66.8 72.0 100.0

Two- to four-family

homes (%)

31.2 33.8 28.7 19.1 26.6 24.0 16.9 N/A

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Presale: J.P. Morgan Mortgage Trust 2023-DSC1

Table 2

Collateral Characteristics(i) (cont.)

JPMMT

2023-DSC1

JPMMT

2022-DSC1

BARC

2022-INV1

VERUS

2023-INV1

MFA

2023-INV1

Visio

2023-1

JPMMT

2021-INV6

S&P

Global

Ratings'

archetypal

prime

pool(ii)

Fixed-rate (%) 98.6 94.2 97.8 73.9 75.2 77.6 100.0 100.0

Loans with interest-only

feature (%)

13.7 19.9 15.3 35.1 15.1 9.3 N/A N/A

Cash-out refinancing

(%)(v)

52.7 50.7 43.6 39.0 69.5 44.6 27.4 N/A

Loans to foreign

borrowers (foreign

national and

non-permanent resident

aliens) (%)

1.4 2.9 5.8 4.6 5.9 0.0 1.9 N/A

Loans with two or more

borrowers

28.8 18.6 14.4 14.1 33.9 0.0 46.8 N/A

Current (%) 100 100 100 98 100 100 100 100

Length of P&I advancing

(mos.)(vi)

4 4 3 3 N/A N/A Full Full

Pool-level adjustments (multiplicative factors)

Geographic

concentration

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Mortgage operational

assessment

1.03 1.02 1.05 1.00 1.05 1.00 0.95 1.00

Representations and

warranties

1.00 1.00 1.10 1.10 1.10 1.05 1.00 1.00

Other (i.e., loan

modification/PCE/due

diligence)(vii)

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Combined pool-level

adjustments

1.03 1.02 1.16 1.10 1.16 1.05 0.95 1.00

Loss estimates (viii)

'AAA' loss coverage

(%)

28.40 28.75 37.65 44.25 41.55 35.75 8.40 7.50

'AAA' foreclosure

frequency (%)

51.77 55.38 67.24 74.47 63.99 62.58 15.79 15.00

'AAA' loss severity (%) 54.86 51.91 55.99 59.42 64.93 57.13 53.20 50.00

'BBB' loss coverage

(%)

8.20 8.05 12.20 15.30 14.85 11.05 2.40 1.92

'BBB' foreclosure

frequency (%)

28.95 31.41 38.78 44.72 37.32 35.88 7.61 6.41

'BBB' loss severity (%) 28.32 25.63 31.46 34.21 39.79 30.80 31.54 30.00

'B' loss coverage (%) 2.15 2.15 3.65 5.35 5.60 3.10 0.75 0.65

'B' foreclosure

frequency (%)

12.04 13.59 17.43 22.41 17.34 15.83 3.42 3.25

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Presale: J.P. Morgan Mortgage Trust 2023-DSC1

Table 2

Collateral Characteristics(i) (cont.)

JPMMT

2023-DSC1

JPMMT

2022-DSC1

BARC

2022-INV1

VERUS

2023-INV1

MFA

2023-INV1

Visio

2023-1

JPMMT

2021-INV6

S&P

Global

Ratings'

archetypal

prime

pool(ii)

'B' loss severity (%) 17.86 15.82 20.94 23.87 32.30 19.58 21.93 20.00

(i)Data as of the preliminary ratings and may not reflect pool characteristics at time of closing. (ii)As defined in our "Methodology And Assumptions

For Rating U.S. RMBS Issued 2009 And Later," criteria published Feb. 22, 2018. (iii)The original and current CLTV are calculated at the individual

property level. (iv)The WA FICO score reflects the most recent scores, where obtained, and assumes the lower of primary and coborrower FICO

scores. For borrowers who are missing FICO scores, we assumed a score that is one standard deviation below the pool mean. (v)Does not include

limited cash-out refinancing loans. (vi)Months of P&I advancing on a delinquent mortgage loan to the extent the advances are deemed recoverable.

(vii)For our PCE analysis, we focus primarily on prior bankruptcy that occurred within 24 months and foreclosure, short sale, and deed-in-lieu events

within 36 months. (viii)The guidance document, "Guidance: Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And Later," published

April 17, 2020, reflects a revision to our 'B' (base-case) projected foreclosure frequency assumption for an archetypal loan to 3.25% from 2.50%.

WA--Weighted average. LTV--Loan-to-value ratio. CLTV--Combined LTV ratio. N/A--Not applicable.

Transaction Structure

The chart shows an overview of the transaction's structure.

The transaction is structured as a two-step transfer of the assets from the seller, J.P. Morgan

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Mortgage Acquisition Corp. (JPMMAC), to the depositor, J.P. Morgan Acceptance Corp. II, which

then transfers the assets to the issuing trust, J.P. Morgan Mortgage Trust 2023-DSC1. The issuing

trust will transfer the certificates to the depositor, and the depositor will sell the offered

certificates to the initial purchaser, which will then sell them to third-party investors. The

depositor will sell the certificates required to be held to satisfy the risk retention rules to the

sponsor or a majority-owned affiliate, or it will retain those certificates for its own account.

In rating this transaction, S&P Global Ratings will review the legal matters it believes are relevant

to its analysis, as outlined in its criteria.

Strengths And Weaknesses

We believe the following characteristics strengthen the JPMMT 2023-DSC1 transaction:

- The mortgage pool generally consists of loans to borrowers with significant home equity and a

better-than-archetypal FICO score, as demonstrated by the pool's weighted average FICO score

of 745 and original combined LTV (CLTV) ratio of 69.58%.

- The third-party due diligence providers (SitusAMC LLC and Opus Capital Markets Consultants

LLC), which are on our list of reviewed providers, performed due diligence on 100% of the loans

in the pool. Their review encompassed credit (underwriting) and property valuation.

- The senior class A-1, A-2, and A-3 certificates benefit from a credit support floor where no

principal is paid to the subordinate classes until the class A certificates are retired.

We believe the following factors weaken the transaction:

- The loans are all property-focused investor loans that were underwritten to an investment

property program that did not consider borrower income or employment in the underwriting

process. Generally, the lesser of market rent or lease income was used to calculate a DSCR. The

pool's weighted average DSCR is 1.37. Our loss model applies an adjustment to the foreclosure

frequencies ranging from 3.15x to 5.33x for the DSCR loans.

- The loan purpose for 660 loans (52.73% by pool balance) is a cash-out refinance, with an

average cash-out amount of $126,874 (119 loans have cash-out amounts greater than

$200,000). We applied a 1.25x adjustment factor to our loss estimates for these loans.

- Interest-only terms comprise 13.65% of the pool (0.66% of the pool are interest-only ARM

loans). We applied an adjustment to foreclosure frequencies to these loans to account for these

risks.

- The transaction includes 173 loans (13.61% by pool balance) that were made to borrowers with

FICO scores below 700. The mortgage pool's loss estimate was increased to account for these

loans' higher default risk.

Credit Analysis And Assumptions

Our analysis of the JPMMT 2023-DSC1 collateral pool considers several factors, including certain

loan-level characteristics. The details of our analysis are described below.

Investor property concentration

We considered whether there were any additional risks related to foreclosure and liquidation

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timelines for investor properties compared to owner-occupied properties because the pool is

backed by 100% business-purpose investor properties. We considered the variance in foreclosure

and liquidation timelines and determined that the delta of timelines between investor and

non-investor properties did not pose an additional risk to the pool.

In particular, the foreclosure and liquidation timelines we used in our analysis are based on

historical data that include investor properties, and our servicer evaluation group has indicated

that there are no material differences in the timelines between investor and non-investor

properties.

Property cash flow underwriting and S&P Global Ratings' documentation type

We also considered the underwriting methods employed for the loans, given that the qualifying

metrics do not use traditional borrower characteristics, such as personal income and liabilities,

but instead rely on the property's propensity to generate cash flow from tenants. The loans are

underwritten using a ratio of rents compared to mortgage payment liability (including taxes,

insurance, and association dues), which is commonly referred to as the DSCR.

We consider the strength of the DSCR and apply DSCR adjustment factors to the foreclosure

frequency with higher factors applied to lower DSCRs and lower factors to higher DSCRs (see table

3). These DSCR adjustment factors could range from 3.15x to 6.00x. Given the limited performance

history of DSCR loans through an economic cycle, the low end of the adjustment factors' range

(3.15x) was calibrated so that a loan with a high DSCR (e.g., greater than or equal to 1.27) is

treated similarly to a weak, traditionally underwritten investor property (i.e., underwritten to the

borrower's income) that has less than 12 months of income verification and poor debt-to-income

attributes. For this transaction, we applied a DSCR adjustment factor ranging from 3.15x to 6.00x

on the loans.

The weighted average DSCR adjustment factor for this pool is 3.36x, which we believe adequately

addresses the additional risk of DSCR loans that rely on the property cash flow more than

personal income and liabilities.

Table 3

Average 'AAA' And 'B' Foreclosure Frequencies For DSCR Loans

Loan count

(no.) % of balance WA DSCR

WA foreclosure frequency

(%) ('AAA')

WA foreclosure frequency

(%) ('B')

DSCR < 1 17 1.93 0.91 56.72 17.20

1 <= DSCR <

1.27

476 43.97 1.12 49.90 11.43

DSCR >= 1.27 754 54.10 1.58 51.66 12.02

DSCR--Debt service coverage ratio. WA--Weighted average.

Of the 1,247 loans in the pool, 769 loans already had a lease in place at origination. Table 4 shows

the distribution of properties with either leases in place or lease estimates.

Table 4

Distribution Of Properties With Leases In Place At Origination Or Lease Estimates

Loan count (no.) % of the pool balance

Lease in place 769 58.33

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Table 4

Distribution Of Properties With Leases In Place At Origination Or Lease

Estimates (cont.)

Loan count (no.) % of the pool balance

No lease in place--estimated rents(i) 475 41.34

Mixed/partial 3 0.33

Total 1,247 100.0

(i)The lease estimates are derived from comparable rent schedule Form 1007 for single-family residences or Form 1025 for multi-unit

properties.

The issuer has confirmed that 932 of the loans in the pool that are to business entities have

personal guarantees with full recourse to the borrower, who is a natural person.

Qualified mortgage (QM) and ATR standards

The loans are exempt from the QM and ATR rules because they are related to business-purpose

investment properties.

Servicer advancing obligations

Before the May 1, 2023, expected servicer transfer date, Fay Servicing, as interim servicer for

62.63% of the pool balance, and Shellpoint Mortgage Servicing (for 37.37%) will service mortgage

loans; and they must advance delinquent principal and interest (P&I) on any delinquent mortgage

loan until the loan is either greater than 120 days delinquent or until the P&I advance is deemed

nonrecoverable. Once the servicer transfer is completed on or about May 1, 2023, Shellpoint

Mortgage Servicing will service all mortgage loans in the pool. If the servicer fails to advance P&I,

the master servicer, Nationstar Mortgage LLC, is obligated to make those advances. If Nationstar

Mortgage LLC fails to make those advances, Citibank N.A., as the paying agent and backup

advancer, is responsible for making those advances.

Unlike P&I advances, the servicer must make advances of delinquent taxes and insurance (and

other property preservation advances) on any delinquent mortgage loan until the related property

is liquidated or the servicer deems the advance to be nonrecoverable. We incorporated the limited

P&I advancing into our loss severities.

The servicer is also expected to advance on loans if they are temporarily in COVID-19-related

forbearance. None of the mortgage loans in the pool have entered COVID-19-related forbearance

plans as of the cutoff date.

Borrowers or guarantors with multiple loans or properties in the pool

The pool consists of 143 primary borrowers (for loans made to individuals) or primary guarantors

(for loans made to entities), with multiple loans in the pool (see table 5). In aggregate, these

borrowers have 475 properties in the pool (34.67% by pool balance). The largest exposure by

balance to a single borrower in the pool is 3.34% (23 loans). Because each loan is backed by a cash

flow-generating property, we do not believe there is a significant default correlation among

multiple loans made to the same borrower or entities with the same primary guarantor.

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Table 5

Breakdown Of Borrowers And Guarantors

Property count per

borrower/guarantor

Borrower/guarantor

count

Loan balance

($)

Loan

balance

(%)

Highest

combined loan

balance to

unique borrower

($)

FICO

score

current

CLTV

DSCR

23 1 10,223,026 3.34 10,223,026 760 78.44 1.50

17 2 5,226,203 1.71 2,620,448 743 69.29 1.59

12 2 8,409,501 2.75 7,275,959 750 71.36 1.51

9 1 1,466,858 0.48 1,466,858 760 76.84 1.50

8 1 1,107,169 0.36 1,107,169 745 74.21 1.54

7 3 4,618,000 1.51 1,767,244 783 62.80 1.24

6 10 13,878,576 4.53 5,336,500 742 67.78 1.39

5 2 1,849,331 0.60 966,741 721 73.26 1.27

4 6 3,377,181 1.10 715,993 738 72.59 1.50

3 32 21,740,668 7.10 2,512,089 751 67.96 1.37

2 83 34,260,382 11.19 1,820,000 743 70.12 1.38

1 772 200,002,885 65.33 2,229,019 743 67.73 1.35

Total 915 306,159,779 100.00 N/A 745 68.72 1.31

WA--Weighted average. CLTV--Combined loan-to-value. DSCR--Debt service coverage ratio.

Structural Features

JPMMT 2023-DSC1 has a mix of sequential and pro rata payment structures. Principal is paid pro

rata among the senior classes (subject to passing cumulative loss and delinquency trigger tests)

and then sequentially to the subordinate classes. If the cumulative loss trigger or the delinquency

trigger fails, principal will be used to pay interest, interest carryforward amounts, and then

principal sequentially to each class in priority order (other than for classes A-1 and A-2, for which

interest and interest carryforward amounts are paid sequentially to classes A-1 and A-2 followed

by principal sequentially in IIPP priority order).

This transaction also uses monthly excess cash flow to cover current period realized losses and

reimburse any applied realized loss amounts sequentially to classes A-1, A-2, A-3, M-1, B-1, B-2,

and B-3.

The paying agent will make monthly interest payments from the interest remittances and principal

from the principal remittances (see tables 6-8). The interest remittance amount includes:

- The interest collected from borrowers (including interest payments that accompany

prepayments, interest portions of advances, liquidation proceeds [net of expenses], insurance

proceeds, subsequent recoveries, compensating interest, redemption prices, termination

prices, and repurchase amounts); minus

- The total servicing fees, securities administrator fees, master servicing fees, trustee fees,

custodian fee, loan data agent fee, servicer advance reimbursements permitted under the

servicing agreements; the interest portion of collections received on any loan or REO property

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payable to an originator or aggregator; the amounts deposited to the master servicer collection

account or distribution account in error; and the extraordinary expenses, which are generally

subject to a $550,000 annual cap.

Although the extraordinary expenses are passed through as reduced contractual interest due to

the certificateholders, we ran these expenses at their capped amounts to stress the excess

spread (as described in the Interest Stresses section below). We also considered the extraordinary

expenses when analyzing projected interest reduction amounts (as described in the Imputed

Promises Analysis section below).

Principal remittance amounts include:

- The principal collected from borrowers (such as prepayments, principal portions of advances,

liquidation proceeds (net of expenses), insurance proceeds, subsequent recoveries, redemption

prices, termination prices, and repurchase amounts); minus

- The reimbursable advances and fees (such as extraordinary expenses that could not be paid

from interest collections), as well as collections received on any loan or REO property payable to

an originator or aggregator, and amounts deposited to the master servicer collection account or

distribution account in error.

Table 6

Interest Payment Waterfall

Priority Payment(i)

1 Interest and interest carryforward amounts(ii) sequentially to the class A-1, A-2, A-3, M-1, B-1, and B-2

certificates, in that order.

2a(iii) Up to any class B-3 interest carryforward amount on that distribution date, to the extent any cap carryover

amount remains unpaid for classes A-1, A-2, and A-3 on that distribution date. First to the class A cap

carryover reserve account, up to the aggregate cap carryover amount remaining unpaid for classes A-1, A-2,

and A-3 on that distribution date; and then from amounts on deposit in the class A cap carryover reserve

account, any cap carryover amount remaining unpaid on that distribution date sequentially to classes A-1, A-2,

and A-3.

2b(iii) Up to any class B-3 interest distribution amount on that distribution date, to the extent any cap carryover

amount remains unpaid for classes A-1, A-2, and A-3 on that distribution date. First to the class A cap

carryover reserve account, up to the aggregate cap carryover amount remaining unpaid for classes A-1, A-2,

and A-3 on that distribution date; and then from amounts on deposit in the class A cap carryover reserve

account, any cap carryover amount remaining unpaid on that distribution date sequentially to classes A-1, A-2,

and A-3.

3(iii) To the class B-3 certificates, any remaining interest payment amount and interest carryforward amount.

4 Any remaining amounts paid as part of the monthly excess cash flows.

(i)MACRs that were exchanged for initial MACRs will be entitled to a proportionate share of the interest and principal payments otherwise

allocated to the initial MACRs. (ii)Interest carryforward amounts are deferred interest payments that accrue interest at the lower of the

respective fixed coupon and the net WAC rate. Our preliminary ratings address the full payment of all interest and interest carryforward

amounts at the certificate rate by the final maturity date. (iii)Amounts otherwise used to pay interest carryforward amount or interest payment

amount with respect to the class B-3 certificates that are deposited into the class A cap carryover reserve account will not be reimbursed to the

class B-3 certificates. MACR--Modifiable and exchangeable certificate. WAC--Weighted average coupon.

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Table 7

Principal Payment Waterfall

Priority Payment(i)

If a trigger event is not in effect

1 Unpaid interest and interest carryforward amounts sequentially to the class A-1, A-2, and A-3

certificates.

2 Principal, pro rata, to the class A-1, A-2, and A-3 certificates until each is reduced to zero.

3 Unpaid interest and interest carryforward amounts to the class M-1 certificates.

4 Principal to the class M-1 certificates until the class balance is reduced to zero.

5 Unpaid interest and interest carryforward amounts to the class B-1 certificates.

6 Principal to the class B-1 certificates until the class balance is reduced to zero.

7 Unpaid interest and interest carryforward amounts to the class B-2 certificates.

8 Principal to the class B-2 certificates until the class balance is reduced to zero.

9a(ii) Item 2a in the interest waterfall.

9b(ii) Item 2b in the interest waterfall.

10(ii) To class B-3 certificates, any remaining interest and interest carryforward amounts.

11 Principal to the class B-3 certificates until the class balance is reduced to zero.

12 Any remaining amounts paid as part of monthly excess cash flows.

If a trigger event is in effect

1 Unpaid interest and interest carryforward amounts sequentially to the class A-1 and A-2

certificates.

2 Principal sequentially to the class A-1 and A-2 certificates until reduced to zero.

3 Unpaid interest and interest carryforward amounts to the class A-3 certificates.

4 Principal to the class A-3 certificates until reduced to zero.

5 Unpaid interest and interest carryforward amounts to the class M-1 certificates.

6 Principal to the class M-1 certificates until reduced to zero.

7 Unpaid interest and interest carryforward amounts to the class B-1 certificates.

8 Principal to the class B-1 certificates until reduced to zero.

9 Unpaid interest and interest carryforward amounts to the class B-2 certificates.

10 Principal to the class B-2 certificates until reduced to zero.

11a(ii) Item 2a in the interest waterfall.

11b(ii) Item 2b in the interest waterfall.

12(ii) To the class B-3 certificates, any remaining unpaid interest payment amount and interest

carryforward amount.

13 Principal to the class B-3 certificates until reduced to zero.

14 Any remaining amount paid as part of monthly excess cash flow.

(i)MACRs that were exchanged for initial MACRs will be entitled to a proportionate share of the interest and principal payments otherwise

allocated to the initial MACRs. (ii)The class B-3 certificates will not be reimbursed any amounts that are deposited into the class A cap carryover

reserve account that would otherwise be used to pay the interest carryforward amount or the interest payment amount on the class B-3

certificates.

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Table 8

Monthly Excess Cash Flow Waterfall

Priority Payment

1 Sequentially to classes A-1, A-2, A-3, M-1, B-1, B-2, and B-3 as principal, in that order, up to the amount

of any realized losses in the current period until each respective certificate amount is reduced to zero.

2a Sequentially to classes A-1, A-2, A-3, M-1, B-1, B-2, and B-3 as principal, in that order, up to the amount

of any cumulative applied realized losses until each respective certificate amount is reduced to zero.

2b Sequentially to classes A-1, A-2, A-3, M-1, B-1, B-2, and B-3, in that order, up to the amount of any

remaining cumulative applied realized losses, to reimburse for applied realized loss amounts previously

allocated to the certificates.

3 To the cap carryover reserve account, up to the aggregate cap carryover amount for classes A-1, A-2, and

A-3; and then any unpaid cap carryover amounts(i) from amounts on deposit in the cap carryover reserve

account sequentially to classes A-1, A-2, and A-3.

4 Certain amounts to the class XS certificates.

5 To the transaction parties, pro rata, any trust expenses without regard to the annual cap and any

subcaps.

6 On any payment date prior to the earlier of the optional clean-up call and the final scheduled distribution

date, any remaining amounts to the interest reserve account.

7 Any remaining amounts as provided in the sale and servicing agreement

(i)The cap carryover amount is the positive difference between the interest that would have accrued at the fixed coupon (without the net WAC

rate) and what was due based on the net WAC rate. Any prior unpaid cap carryover amounts also accrue at the fixed rate. Our preliminary ratings

do not address the payment of cap carryover amounts. WAC--Weighted average coupon.

Classes A-1, A-2, and A-3 serve as initial exchangeable (base depositable) certificates. The

certificateholders can exchange the base depositable certificates for several combinations of

exchangeable certificates, as specified in the offering documents. If an exchange is made, the

exchanged certificates will receive a proportionate share of the P&I payments otherwise allocable

to the classes of initial exchangeable certificates.

Interest on the class A-1, A-2, and A-3 certificates is based on the lower of the stated coupon on

the certificates and the net WAC rate of the mortgage loans (defined as the weighted average of

each loan's mortgage interest rate, not including the default interest rate, net of fees and

extraordinary expenses, and subject to the annual cap). Interest on classes M-1, B-1, B-2, and B-3

is equal to the net WAC rate. In line with our ratings definitions and criteria, our ratings address

interest payments at the lower of the fixed coupon and the net WAC rate. Interest (including

interest carryforward amounts) otherwise payable to the unrated class B-3 certificates will

instead be reallocated to first pay cap carryover amounts due on the class A-1, A-2, and A-3

certificates, sequentially. The B-3 interest amounts thus diverted will not be paid back to the class

B-3 certificates and, since these amounts are not reimbursed, the class B-3 can receive less than

the net WAC rate.

Under the transaction documents, a failure to pay the interest amounts due on the securities will

result in the interest being deferred. Deferred interest (interest carryforward amounts) accrues at

the lower of the fixed rate and the net WAC rate for classes A-1, A-2, and A-3 and at the net WAC

rate for classes M-1, B-1, B-2, and B-3. Our preliminary ratings address ultimate P&I payments

(including interest carryforward amounts) by the certificates' final maturity date.

However, the preliminary ratings do not address the payment of cap carryover amounts (i.e., the

difference between the coupon and the net WAC cap where the coupon exceeds the net WAC cap),

which are subordinated in the payment priority. In our view, neither the certificates' initial coupons

nor the initial net WAC rates are de minimis, and nonpayment of the cap carryover amounts are

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not considered an event of default under the transaction documents. Therefore, in line with our

criteria for imputed promises, we do not consider whether these cap carryover amounts are paid

in our cash flow analysis.

In this transaction, the subordinate certificates are paid principal sequentially after all senior

certificates have been paid in full. Unlike the credit enhancement seen in shifting-interest RMBS

structures, which may be depleted due to scheduled and prepaid principal paid to the subordinate

classes, the credit enhancement in JPMMT 2023-DSC1 does not deplete, since no principal

payments are made on the subordinate certificates while the senior classes are outstanding.

Although principal is paid pro rata among the senior classes from the start and there is no defined

credit enhancement floor, we believe the transaction is adequately enhanced for the assigned

preliminary ratings. Our view considers any tail risk considerations (see the Large Loans And Tail

Risk Considerations section below). The transaction starts with 14.05% enhancement for the

senior classes, which then grows as a percentage of the current balance as they get paid down.

Additionally, the occurrence of a trigger event (a delinquency trigger event or a cumulative loss

trigger event (see tables 9A and 9B) protect the more senior classes in tail risk situations if

defaults increase much later in the transaction's life (a back-ended default curve) by switching the

principal payment priority among the senior classes to sequential.

Table 9A

Delinquency Trigger Event

Payment date occurring in

the following periods

Six-month average of 60+ day delinq. plus loans

modified in past 12 months (as a % of the current

pool balance)

April 2023 through March

2025

10.00

April 2025 through March

2026

15.00

April 2026 through March

2028

20.00

April 2028 and thereafter 25.00

Table 9B

Cumulative Loss Trigger Event

Payment date occurring in the

following periods

Applied realized loss amounts since closing

date (as a % of the cutoff date pool balance)

April 2023 through March 2026 2.00

April 2026 through March 2027 3.00

April 2027 through March 2028 5.00

April 2028 and thereafter 7.00

If the certificates' aggregate class balance exceeds the pool balance, the resulting excess (the

applied realized loss amount) will be applied in reverse sequential order to the class B-3, B-2, B-1,

M-1, A-3, A-2, and A-1 certificates, in that order, until each class's principal balance has been

reduced to zero.

Conversely, if the pool balance exceeds the certificates' aggregate class balance, the resulting

excess (the certificate reimbursement amount) will be applied sequentially to classes A-1, A-2,

A-3, M-1, B-1, B-2, and B-3, in that order, to write-up any classes (that had earlier been

written-down) up to the realized and applied realized loss amount allocated to that class.

Geographic Concentration

S&P Global Ratings analyzes the pool's geographic concentration risk based on the

concentrations of loans in each of the core-based statistical areas (CBSAs) as defined by the U.S.

Office of Management and Budget (see Appendix II of "Methodology And Assumptions For Rating

U.S. RMBS Issued 2009 And Later," published Feb. 22, 2018). In this transaction, the top five

CBSAs account for 24.29% of the aggregate pool (see table 10). Because of this concentration, we

applied a Herfindahl-Hirschman Index pool-level adjustment factor (a concentration measure

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based on the sum of the squared CBSA concentrations related to a benchmark concentration) of

1.00x.

Table 10

Geographic Concentration

CBSA code(i) CBSA State % by balance

35614 New York-Jersey City-White Plains Ney York-New Jersey 6.92

37944 Philadelphia Pennsylvania 5.55

35084 Newark New Jersey-Pennsylvania 5.33

12060 Atlanta-Sandy Springs-Alpharetta Georgia 3.35

33124 Miami-Miami Beach-Kendall Florida 3.14

Top five -- -- 24.29

(i)The CBSA code refers to the metropolitan division code, if available. CBSA--Core-based statistical area (includes metropolitan statistical

areas and metropolitan divisions where defined, as well as micropolitan statistical areas).

Large Loans And Tail Risk Considerations

As the number of loans in the transaction decreases, the effect of a single loan's losses becomes

greater. If conditional prepayment rates are slow and collateral pool losses are not realized until

later in a transaction's life (back-loaded losses), pro rata pay mechanisms can leave the senior

certificates exposed to event risk later in the transaction's life (for more information on tail risk in

RMBS transactions, see "Older RMBS Transactions Face Increased Tail Risk As Their Pools

Shrink," published Aug. 9, 2012). To mitigate this risk, the transaction documents for shifting

interest structures typically provide for a credit enhancement floor, specifying principal payments

not made to subordinate classes if the credit support available to the senior classes falls below a

threshold.

This transaction does not explicitly define a credit enhancement floor. However, due to the

sequential payment mechanism to the subordinate classes, which make up 14.05% of the capital

structure, the preliminary 'AAA (sf)', 'AA- (sf)', and 'A- (sf)' rated classes effectively have a floor of

14.05% initially. And although subordination can be depleted due to realized losses over time, the

effective floor to the more senior classes can increase when losses go over certain thresholds and

trip the cumulative loss or delinquency triggers, making the payment priority fully sequential.

To analyze the appropriateness of this effective credit enhancement floor, we use an approach

outlined in "Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And Later,"

published Feb. 22, 2018. Based on this approach, instead of focusing on the largest loans by

balance at issuance, we risk-weighted the loans in the transaction by focusing on those loans with

the largest expected loss exposures, assuming default. We also conducted a sensitivity analysis

by assuming properties under the same borrower as a single loan (including those

cross-collateralized loans) in our large loan analysis.

After considering the enhancement provided in the transaction and the expected paydown on the

classes, we believe the rated senior classes are sufficiently protected from tail risk as the

transaction seasons.

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MOA Review

We believe mortgage loan performance may reflect certain qualitative aspects of an originator's or

aggregator's operational framework, track record, and practices, including how they have changed

over time. Therefore, we incorporate our quality assessment of the originators or aggregator,

based on our evaluation of its management and organization, origination process and

underwriting/loan purchase and aggregation, and internal controls into our loss coverage analysis

as described below. When available, we will also assess historical loan performance (see

paragraphs 149–156 in "Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And

Later," published Feb. 22, 2018).

Our outstanding aggregator mortgage operational assessment (MOA) review of JPMMAC does not

cover investor DSCR loans. Therefore, we performed transaction-specific reviews on JPMMAC's

investor DSCR aggregation processes, as well as on any originator or aggregator that comprises

more than 20% of the pool balance. Of the loans in the transaction pool, 62.63% were purchased

from B4 Residential Mortgage Trust Series I and Series IVl (collectively, B4), an affiliate of

Blackstone Inc., and includes 24.52% originated by Lending One LLC. The remaining 37.37% were

from various originators, with no originator originating more than 10% of the mortgage loans. To

determine the appropriate MOA adjustment factors for the loans purchased from B4 and those

aggregated by JPMMAC from various originators, we performed transaction-specific reviews of B4

and JPMMAC's aggregation platforms. Based on these reviews, we applied a 1.05x loss coverage

adjustment factor to B4 aggregated loans and a 1.00x loss coverage adjustment factor to the

JPMMAC aggregated loans, which resulted in a weighted average MOA adjustment factor of 1.03x

at the pool level.

B4/Blackstone Inc.

Blackstone Inc. (together with its affiliates, Blackstone) is a leading global investment company

that invests capital on behalf of pension funds, large institutions, and individuals. Blackstone

invests across alternative asset classes in real estate, private equity, credit, and hedge funds, as

well as in infrastructure, life sciences, insurance, and growth equity. The firm continues to build

its track record to innovate in new strategies, drive growth, and serve its investors.

Blackstone launched Blackstone Real Estate Debt Strategies (BREDS) in 2008 to capitalize on

dislocation in the U.S. and European real estate debt markets. BREDS provides creative and

comprehensive financing solutions across the capital structure and risk spectrum. Blackstone

Real Estate's debt business originates loans and invests in debt securities underpinned by

high-quality real estate, including on behalf of insurance companies. The group also manages

Blackstone Mortgage Trust (BXMT), a leading real estate finance company that originates senior

loans collateralized by commercial real estate.

Since fourth-quarter 2018, the BREDS team began aggregating residential mortgage loans, from

approximately 16 approved sellers, with a focus on investment properties (single-family homes)

and owner-occupied homes that cannot be financed through the Federal National Mortgage

Association (FNMA), the Federal Home Loan Mortgage Corp. (FHLMC), and the Government

National Mortgage Association (GNMA). New sellers from which single-family rental (single or

multiple asset) ATR-exempt loans are acquired are approved after a thorough review of their

management and loan origination processes. BREDS' strategy is one of measured growth and

purchases from select sellers who have the capacity and balance sheet to originate loans.

Although BREDS has a relatively short history of purchasing residential investment property

ATR-exempt loans, its leadership team has extensive experience purchasing, trading, and

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securitizing residential mortgage loans.

BREDS conducts 100% due diligence on loans that it acquires using third-party review firms that

are on S&P Global Ratings' reviewed list. The scope of the review, which is consistent with market

standards, comprises a full review of these loans (credit, property valuation, and regulatory

compliance, if applicable). BREDS focuses on the valuation of its non-owner-occupied properties

and requires a full appraisal for all loans.

Our quantitative analysis reflects our review of performance on BREDS' recent securitizations.

Blackstone has limited loan performance history on ATR-exempt residential investment property

loans, since it started aggregating this type of loan in fourth-quarter 2018, and its ATR-exempt

residential investment property loans have not gone through a downturn other than the

COVID-19-related hardship in 2020. The company's securitized loan performance is in line with

our observations and expectations for residential investment properties.

Based on the results of our MOA, we determined a loss coverage adjustment factor of 1.05x for

this transaction, which accounts for BREDS' seasoned management team, measured growth,

securitization history, and 100% due diligence review of its loan acquisitions, tempered by its

short operating track record and limited mortgage loan performance in the ATR-exempt

residential investment property sector.

In addition to our transaction-specific MOA of B4 aggregated loans, we reviewed the historical

performance data of Lending One originated non-QM loans since they make up more than 20% of

the pool. Based on the results of this analysis, we determined that the transaction-specific MOA

loss coverage adjustment factor of 1.05x for the B4 loans is also appropriate for the Lending

One-originated loans in the transaction.

JPMMAC (DSCR loans)

JPMMAC's investor DSCR product was launched in 2022 and is tailored toward experienced

investors seeking to purchase or refinance residential investment properties. The program is

marketed as a non-TILA program, focusing primarily on business entity borrowers instead of retail

investors. All acquired loans have borrowers qualified solely on the underlying property cashflows,

and all loans are attested as business purpose loans.

Currently, JPMMAC maintains business relationships with nine flow and bulk sellers, with three of

these relationships accounting for approximately 70% of current production volume. JPMMAC is

actively speaking with additional counterparties and is seeking to sign up new exclusively-DSCR

business partners. JPMMAC currently has four bulk business partners, down from five with the

recent bankruptcy of Sprout Mortgage. All current business partners were required to complete

the JPMMAC's standard conduit credit review and due diligence processes.

JPMMAC maintains a FICO score floor of 700 and an LTV ceiling of 80% on its acquisitions, as well

as a minimum DSCR of 1.00, although it maintains some exception authority. JPMMAC typically

does not aggregate cross collateralized loans and has not acquired any five-plus unit multifamily

and mixed-use properties. JPMMAC maintains its own credit and risk overlays while purchasing to

originator guidelines.

The company conducts 100% due diligence on loans that it acquires using a third-party review

firm that is on S&P Global Ratings' reviewed list (see S&P Global's "S&P Global Ratings Publishes

List Of Third-Party Due Diligence Firms Reviewed For U.S. RMBS As Of July 13, 2022," published

July 13, 2022). The scope of the review, which is consistent with market standards, comprises a

full re-underwrite on these loans (credit, compliance [if applicable], property valuation, and fraud).

All loans must be submitted to an automated fraud and data check tool.

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JPMMAC's management team and aggregation processes for DSCR loans are similar to those of

its non-DSCR loans. We previously conducted an MOA of JPMMAC as an aggregator for non-DSCR

loans, and assigned an overall ABOVE AVERAGE ranking and 0.90x loss coverage adjustment

factor to JPMMAC.

Based on the results of our transaction-specific MOA, we determined a loss coverage adjustment

factor of 1.00x for JPMMAC aggregated DSCR loans in this transaction, which accounts for the

company's seasoned management team, thorough review process for new sellers, strong

independent internal risk oversight, 100% due diligence review of its loan acquisitions, and parent

company's long operational track record and relatively stable financial performance, tempered by

JPMMAC's short operating track record and limited mortgage loan performance in the

ATR-exempt residential investment property sector.

Third-Party Due Diligence Review

The third-party due diligence providers (SitusAMC LLC and Opus Capital Markets Consultants LLC,

which are on our list of reviewed providers) performed due diligence on 100% of the loans in this

transaction. The scope of the review encompassed credit (underwriting), documentation and data

integrity review, and property valuation. All business-purpose loans are exempt from Regulation Z

and the Real Estate Settlement Procedures Act (RESPA), including the TILA-RESPA Integrated

Disclosure (TRID) rule.

According to our published third-party due diligence criteria, we adjust our loss expectations

based on our view of the firms' findings (see Appendix III of "Methodology And Assumptions For

Rating U.S. RMBS Issued 2009 And Later," published Feb. 22, 2018).

All of the loans received a grade of "A" or "B" for credit and property valuation. After reviewing the

third-party due diligence results, we applied a 1.00x loss coverage adjustment at all rating

categories.

R&Ws

Our review of the R&Ws for transaction focused on whether the representations made by the R&W

providers were substantially consistent with the set of representations we published in our

criteria (see Appendix IV of "Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And

Later," published Feb. 22, 2018). In addition, our review of the R&W framework accounted for

automatic review triggers, knowledge qualifiers, sunset provisions, gap reps, and enforcement

mechanisms. We evaluated the strength of the R&W framework and considered whether any

breach could have a materially adverse impact on the interests of the transaction's

certificateholders. If the R&Ws and framework do not address the issues in our published R&W

framework, we will determine whether we believe it is appropriate to assess additional credit

enhancement. We also considered the R&W providers' ability to fulfill their obligations in the event

of a breach.

The collateral pool consists of loans sold to JPMMAC from 17 sellers. Each seller made R&Ws that

are generally consistent with our criteria for the loans they contributed to the transaction.

JPMMAC made R&Ws for Sprout-originated loans in this pool since Sprout is no longer in the

mortgage business. Many sellers will provide R&Ws until the transaction's closing date, though

some sellers only provide R&Ws up to the date that they sold their loans to JPMMAC. For the

latter, JPMMAC provides R&Ws covering the gap period between the dates that the sellers sold

their loans to JPMMAC and the date that the loans are sold to the trust.

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The R&W framework is similar to other recent JPMMT transactions and has significant strengths

and certain weaknesses. We note that JPMMT will not backstop any of the originators (or B4 as an

aggregator) if they cannot repurchase mortgage loans.

Attributes of the R&W framework

Knowledge qualifiers

A few representations were knowledge-qualified. Based on our view of the quality of the

originations and the relatively clean diligence results, we did not view these knowledge qualifiers

as material. In addition, the R&W framework included curative language that provide that,

notwithstanding the seller's lack of knowledge, if a knowledge-qualified representation was

inaccurate and it adversely affected the loan's value, it would be considered a breach.

Sunset provisions

There are certain R&Ws that contain sunset provisions. Two of these relate to underwriting

guidelines (adherence to the underwriting guidelines and income, asset, and employment

verification) and one relates to the fraud R&W (excluding conspiratorial fraud involving multiple

persons). The sunset period is 36 months. However, if the loan becomes 30 days delinquent during

the first 36 months after issuance, the sunset period for that loan will increase to 72 months.

These sunset provisions are a weakness in the framework. However, we acknowledge that the

delinquency test helps mitigate that risk.

Review triggers

The transaction's review triggers are relatively strong, compared to other non-QM and DSCR pools.

A review trigger occurs when any mortgage loan becomes 120-days delinquent, has a servicer that

stops advancing because of nonrecoverability, is liquidated at a loss, or is modified before it is 120

days delinquent. For loans that are from a classified FEMA disaster area and became 120 days

delinquent, a 90-day grace period is provided before a review can commenced (for mortgage loans

subject to a forbearance plan, a 90-day grace period is provided following the end of the related

forbearance period). A review may not be conducted if the loans become less than 120 days

delinquent in the grace period.

Similarly, FEMA disaster area loans that are modified before they are 120-days delinquent are

reviewed only if they were 60-days delinquent before the location was declared a FEMA disaster

area. Although these restrictions may prevent reviews from being conducted, there could be some

benefit to not conducting the reviews too soon after a disaster because the review may simply find

that the delinquency was a result of the disaster and unnecessarily increase costs to the trust.

Overall, we believe these review triggers are sufficient to cover a wide range of scenarios that may

indicate a loan at risk of having an R&W breach.

The breach reviewer

The reviewer will have sole authority to determine whether a breach has occurred. JPMMAC, as

the sponsor, named Pentalpha Surveillance LLC (Pentalpha) as an independent breach reviewer.

Pentalpha, which has been engaged on prior JPMMT transactions, is compensated via an annual

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fee plus a fee for each review. Having an independent breach reviewer is a positive feature of the

R&W framework, in our view.

Breach effectiveness

To determine whether a breach warrants a repurchase obligation, the breach reviewer must follow

the prescribed guidelines detailed in the offering materials. One feature concerns a materiality

test failure in which the breach reviewer must determine whether the defect materially increased

the loan's credit risk at origination; resulted in, or will result in, a higher loss at liquidation; or

impaired the payment's or loan's enforceability.

In determining these factors, the reviewer must consider the following scenarios:

- An underwriter, at origination, would have believed the defect to comply with the underwriting

guidelines;

- An underwriter, at origination, would have considered the loan as having the same substantial

credit risk after accounting for the defect and any compensating factors; and

- The defect caused any actual or projected default or loss considering knowledge of the defect.

The breach effectiveness is prescribed, which has pros and cons. Although it reduces uncertainty

of the process to the representation providers and investors, the specific procedures and

thresholds may limit the scope of the breach reviewer and could prevent certain loans from being

put back. Furthermore, the R&Ws are subject to "material and adverse effect" standards, which

can be ambiguous and subjective.

Enforcement mechanisms

Enforcing the breach reviewer's decision is automatic after a material test failure is delivered to

the securities administrator. If the representation provider disputes the decision, it may provide

evidence to the contrary or choose arbitration proceedings.

Arbitration

Certificateholders who disagree with the reviewer's determination that no material test failure

exists can choose to bring the case to arbitration or, in certain cases and upon 90 days' written

notice, remove the reviewer. Each case can only occur at the written direction of certificateholders

holding 25% or more of the outstanding balance. If a representing party or a review quorum of

certificateholders disputes the reviewer's final finding of a material test failure, the dispute

resolution will be by arbitration. The arbitrator's decision will be final and binding.

Overall, we applied a 1.00x R&W adjustment to the loss coverage, taking into account:

- The transaction's overall R&W framework, which has strong review triggers similar to prime

transactions rather than typical non-QM or DSCR deals;

- JPMMAC's solid aggregation platform;

- The third-party due diligence performed on each loan to mitigate the risk; and

- The diversification of R&W providers, which minimizes reliance on the financial strength of any

one lender.

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Cash Flow And Scenario Analysis

We reviewed the transaction structure and performed a cash flow analysis to simulate various

rating stress scenarios to determine the preliminary ratings for each class, consistent with our

criteria and accounting for the available credit enhancement (see table 11). We analyzed a variety

of scenarios for each rating category, including combinations of:

- Front- and back-loaded default timing curves;

- Two-year recovery lag assumptions;

- Fast and slow prepayment assumptions;

- High, low, and forward interest rate curve assumptions;

- Stressed servicing fee;

- Extraordinary trust expense stresses; and

- WAC deterioration stresses.

For more detail on our cash flow stresses, refer to our criteria "Methodology And Assumptions For

Rating U.S. RMBS Issued 2009 And Later," published Feb. 22, 2018.

Table 11

Cash Flow Assumptions

Scenario

AAA AA- A- BBB- BB- B-

Recovery lag (mos.) 24 24 24 24 24 24

Prepayments (%)(i)

Low CPR 1 2 3 4 5 6

High CPR 20 20 20 20 20 20

Extraordinary trust expenses (% of capped amounts)(ii) 100.00 100.00 95.00 40.00 30.00 17.50

Foreclosure frequency (%) 51.77 43.30 34.54 26.20 17.56 9.63

Loss severity (%) 54.86 47.46 35.61 28.05 22.49 17.65

Loss coverage (%) 28.40 20.55 12.30 7.35 3.95 1.70

(i)Using a standard prepayment convention. (ii)Applied monthly between periods 13 and 60. CPR--Conditional prepayment rate.

Notwithstanding the use of excess interest within the transaction structure, we applied front- and

back-loaded--rather than bulleted (e.g., semiannual or annual lump sum)--default timing curves

in our analysis. This reflects our view of the potential volatility of cash flows, given that the loans

are newly originated, there was 100% third-party due diligence, and structural considerations,

such as partial P&I advancing by the servicers and sequential principal allocations among the

subordinate classes and, when triggers fail, among the senior classes (see table 12).

We applied the foreclosure frequencies, loss severities, and combinations of the stresses noted

above in our cash flow runs, and we observed some periodic missed interest due to the liquidity

stress associated with no advancing. To pass our rating category specific stresses, the interest

carryforward amounts resulting from any missed interest payments on the securities must be

paid in full by the maturity date. All carryforward interest was paid back with interest under the

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applicable rating-specific stresses in our cash flow projections. The results show that each rated

class in the transaction is enhanced to a degree consistent with the assigned preliminary ratings.

Table 12

Structural Assessment

Class Rating

Initial class

size (%)

Initial credit

enhancement (%)

Loss coverage

(%)

Percentage point difference between credit

enhancement and loss coverage

A-1 AAA (sf) 65.15 34.85 28.40 6.45

A-2 AA- (sf) 9.05 25.80 20.55 5.25

A-3 A- (sf) 11.75 14.05 12.30 1.75

M-1 BBB-

(sf)

5.20 8.85 7.35 1.50

B-1 BB- (sf) 3.80 5.05 3.95 1.10

B-2 B- (sf) 2.65 2.40 1.70 0.70

B-3 NR 2.40 0.00 N/A N/A

NR--Not rated. N/A--Not applicable.

Servicer stop advance stresses

Although the transaction documents provide for up to four months of P&I advance obligation, we

assumed that no P&I advances were made in our cash flow projections for defaulted loans. This

assumption results in no projected monthly cash flows on defaulted loans that have not yet been

liquidated (we assume a 24-month lag between default and liquidation). Our cash flow projections

consider this additional liquidity stress, and the transaction's ability to make monthly interest

payments and (if necessary) deferred interest payments with interest (interest carryforward

amounts) by the final maturity date on the preliminary rated classes.

WAC deterioration stress

To address the potential for a pool's WAC to decline over time as higher coupon loans prepay or

default, we stress the pool's projected cash flows by reducing the interest accrued on the assets.

Where appropriate, we review the distribution of loan interest rates in the pool, based on

measures such as the standard deviation, interquartile range, and maximum or minimum ranges

to assess the pool's homogeneity with respect to loan interest rates.

Generally, the stress is based on the pool's WAC at the time of analysis versus 10 years later,

based on an assumed reduction in the pool balance of 10.00% per year applied to the loans with

the highest coupons. This WAC difference is the maximum WAC deterioration assumed for the

pool. The stress applied starts at zero in the transaction's first month and increases linearly each

month to the maximum through year 10, at which point it remains constant at the maximum

through the deal's remaining life. This stress is applied in all cash flow stress scenarios at all

rating levels. For this mortgage pool, we applied a maximum WAC deterioration of 1.20%.

Interest stresses

In this transaction, extraordinary trust expense payments reduce the net WAC rate, which

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effectively allocates the extraordinary trust expenses pro rata across all senior and subordinate

certificateholders by reducing their interest payments by the amount of the extraordinary trust

expenses paid (subject to the annual cap). Although the extraordinary expenses are passed

through as reduced contractual interest due to certificateholders, we ran these expenses at their

capped amounts to test any impact on the securities due to the dependence on excess spread as a

form of credit enhancement and the presence of certain structural features, such as limited P&I

advancing. We also took this approach because the interest payments on the securities are

deferrable.

We applied the extraordinary expense application factors as listed in table 10 (which vary by rating

level) to the capped extraordinary expense amounts. The amounts were applied monthly between

periods 13 and 60 period (four years).

Loans with interest rates indexed to a one-month secured overnight financing rate (SOFR)

represent approximately 3.46% of the pool balance. We applied forward stresses to the SOFR

rates in accordance with our criteria (see "Methodology To Derive Stressed Interest Rates In

Structured Finance," published Oct. 18, 2019).

We also believe the aggregate servicing fee rate of 25 bps provided in the documents is relatively

low for non-QM loans. The servicing fee typical for non-QM products is approximately 50 bps. We

believe the 25 bps might not be adequate to attract quality servicers if the servicing function

needs to be transferred and to allow the successor servicer to effectively perform its duties,

including loss mitigation. We believe a fee rate of 50 bps would be sufficient to allow a successful

transfer, if necessary, and thus stressed the transaction with this rate.

Imputed Promises Analysis

Based on our criteria ("Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And

Later," published Feb. 22, 2018), when rating U.S. RMBS transactions where credit-related events

can reduce interest owed to the tranches across the capital structure rather than an allocation of

the credit-related loss to the available credit support, we impute the interest owed to the

certificateholders. WAC deterioration that occurs because of defaults, repurchases, or

prepayments is not considered part of this analysis because it is already accounted for (e.g.,

through the application of our default timing stresses) or not considered a credit-related event

(e.g., voluntary prepayment of principal).

Because this transaction provides for credit-related loan modifications and extraordinary trust

expenses to reduce the net WAC, at which the transaction's certificate rates are capped, we

applied the approach outlined in the criteria to assess the maximum potential rating (MPR) that

could apply based on our projected interest reduction amount (PIRA). As this is a new issue

transaction, there were no outstanding cumulative interest reduction amounts to be considered.

Consistent with our criteria, we assumed that 50.00% of the loans projected to default under the

applicable rating stress would be modified. We also assumed that 75.00% of the projected

modifications are interest rate modifications, with an interest rate reduction of 2.00%. When

added to the extraordinary trust expenses, this resulted in a maximum PIRA on the preliminary

rated certificates that is below the 4.50% threshold. We stressed extraordinary trust expenses by

the relevant extraordinary expense application factor over 48 months, starting from month 13

through 60 of the transaction's life. Based on the results of our analysis, there was no impact on

the securities' MPR.

Historically, we have observed that extraordinary trust expenses have been both minimal when

they occur and extremely limited in pre-2009 RMBS transactions. We continue to expect their

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actual occurrence in post-2009 transactions to be rare.

Operational Risk Assessment

Our criteria, "Global Framework For Assessing Operational Risk In Structured Finance

Transactions," published Oct. 9, 2014, present our methodology and assumptions for assessing

certain operational risks (severity, portability, and disruption risks) associated with asset types

and key transaction parties (KTPs) that provide an essential service to a structured finance issuer.

According to the criteria, we cap the ratings on a transaction if we believe operational risk could

lead to credit instability and affect the ratings.

As provided in the operational risk criteria, there are three possible rankings for severity risk and

portability risk: high, moderate, or low. For disruption risk, there are four possible rankings: very

high, high, moderate, or low.

According to our criteria, we rank severity and portability risk for nonprime residential mortgage

collateral as moderate and low, respectively. For this transaction, the master servicer, Nationstar

Mortgage LLC, is the KTP. We consider the disruption risk for this master servicer as low. Given

this risk assessment, our criteria do not cap the ratings on the transaction.

Related Criteria

- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10,

2021

- Criteria | Structured Finance | General: Global Framework For Payment Structure And Cash

Flow Analysis Of Structured Finance Securities, Dec. 22, 2020

- Criteria | Structured Finance | General: Methodology To Derive Stressed Interest Rates In

Structured Finance, Oct. 18, 2019

- Criteria | Structured Finance | Legal: U.S. Structured Finance Asset Isolation And

Special-Purpose Entity Criteria, May 15, 2019

- Criteria | Structured Finance | General: Counterparty Risk Framework: Methodology And

Assumptions, March 8, 2019

- Criteria | Structured Finance | General: Incorporating Sovereign Risk In Rating Structured

Finance Securities: Methodology And Assumptions, Jan. 30, 2019

- Criteria | Structured Finance | RMBS: Assumptions Supplement For Methodology And

Assumptions For Rating U.S. RMBS Issued 2009 And Later, Feb. 22, 2018

- Criteria | Structured Finance | RMBS: Methodology And Assumptions For Rating U.S. RMBS

Issued 2009 And Later, Feb. 22, 2018

- Criteria | Structured Finance | RMBS: U.S. Residential Mortgage Operational Assessment

Ranking Criteria, Feb. 22, 2018

- General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017

- Criteria | Structured Finance | General: Global Framework For Assessing Operational Risk In

Structured Finance Transactions, Oct. 9, 2014

- General Criteria: Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012

- General Criteria: Global Investment Criteria For Temporary Investments In Transaction

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Accounts, May 31, 2012

- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011

- Criteria | Structured Finance | General: Global Methodology For Rating Interest-Only Securities,

April 15, 2010

- Criteria | Structured Finance | General: Methodology For Servicer Risk Assessment, May 28,

2009

Related Research

- U.S. RMBS Newsletter February 2023, Feb. 28, 2023

- S&P Global Ratings Publishes List Of Third-Party Due Diligence Firms Reviewed For U.S. RMBS

As Of Feb. 24, 2023, Feb. 24, 2023

- Residential Overvaluation Relatively Steady As U.S. Housing Correction Continues, Feb. 21,

2023

- Select Servicer List, Feb. 14, 2023

- 2023 U.S. Residential Mortgage And Housing Outlook: Navigating A Softening Market, Jan. 20,

2023

- Servicer Evaluation: Fay Servicing LLC, Dec. 14, 2022

- Economic Outlook U.S. Q1 2023: Tipping Toward Recession, Nov. 28, 2022

- Housing Overvaluation May Be Peaking: How It Affects U.S. RMBS, Oct. 17, 2022

- Impact of Hurricane Ian on Rated U.S. RMBS Likely To Be Limited, Oct. 11, 2022

- Non-QM RMBS: Navigating Rising Rates, June 9, 2022

- Housing Overvaluation Trend Continues: What It Means For U.S. RMBS, April 5, 2022

- Servicer Evaluation: Shellpoint Mortgage Servicing, Feb. 15, 2022

- S&P Global Ratings Definitions, Nov. 10, 2021

- ESG Industry Report Card: Residential Mortgage-Backed Securities, March 31, 2021

- Servicer Evaluation: Nationstar Mortgage LLC, Dec. 22, 2020

- S&P Global Ratings Is Assessing The Impact Of COVID-19 On Mortgage Market Outlooks For

Global RMBS, April 17, 2020

- U.S. Residential Mortgage Input File Format For LEVELS, March 6, 2020

- Credit Rating Model: LEVELS Model For U.S. Residential Mortgage Loans, Aug. 5, 2019

- Credit Rating Model: Intex RMBS Cash Flow Model, April 7, 2017

- Standard & Poor's Comfortable With SFIG Draft Proposal Regarding TRID Due Diligence, April

25, 2016

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