TIAA Bank Mortgage Loan Trust 2018-3 — Moody’s; Service transfer to PNC from TIAA on 9 RMBS transactions has no negative impact on ratings
Rating Announcement: Moody’s; Transfer of management to PNC from TIAA on 9 RMBS transactions has no negative impact on ratingsGlobal Credit Research – March 25, 2022New York, March 25, 2022 — Moody’s Investors Service (“Moody’s”) said today that the proposed transfer of management for approximately 670 residential mortgage loans backed by nine US RMBS transactions to PNC Financial Services Group, Inc. (PNC) from TIAA, FSB. (TIAA), will not, in itself and at this time, result in a reduction or withdrawal of the current ratings of the securities issued by these transactions. TIAA asked Moody’s for its opinion on whether the ratings of the securities issued by the affected operations would be downgraded or withdrawn as a result of the transfer of loan servicing to PNC. The transfer of management rights is scheduled for April 2022. Moody’s opinion is based principally on its opinion that the ratings of each of the securities in the transactions will not have significant negative implications following the changes in management strategy which may occur following a transfer of management. Moody’s opinion addresses only the current impact on Moody’s ratings, and we express no opinion as to whether the transfer of management has or could have any other effects that investors may or may not view as positive. Transactions affected: CIM Trust 2018-INV1 CIM Trust 2019-INV1 CIM Trust 2019-INV2 CIM Trust 2019-INV3 Everbank Mortgage Trust 2018-1New Residential Mortgage Trust 2018-4New Residential Mortgage Trust 2018-5Mortgage Trust TIAA Bank Mortgage Loan Trust 2018-2TIAA Bank Mortgage Loan Trust 2018-3This publication does not announce a credit rating action. 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