OREANDA-NEWS. Fitch Ratings rates WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1) as follows:

--\$207,857,000 class A-1 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$207,857,000 class A-2 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$207,857,000 class A-3 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$193,620,000 class A-4 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$193,620,000 class A-5 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$193,620,000 class A-6 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$145,215,000 class A-7 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$145,215,000 class A-8 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$145,215,000 class A-9 certificate 'AAAsf'; Outlook Stable;
--\$48,405,000 class A-10 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$48,405,000 class A-11 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$48,405,000 class A-12 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$154,896,000 class A-13 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$154,896,000 class A-14 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$154,896,000 class A-15 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$38,724,000 class A-16 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$38,724,000 class A-17 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$38,724,000 class A-18 certificate 'AAAsf'; Outlook Stable;
--\$9,681,000 class A-19 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$9,681,000 class A-20 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$9,681,000 class A-21 certificate 'AAAsf'; Outlook Stable;
--\$14,237,000 class A-22 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$14,237,000 class A-23 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$14,237,000 class A-24 certificate 'AAAsf'; Outlook Stable;
--\$50,000,000 class A-25 certificate 'AAAsf'; Outlook Stable;
--\$257,857,000 class A-X-1 notional certificate 'AAAsf'; Outlook Stable;
--\$207,857,000 class A-X-2 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$207,857,000 class A-X-3 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$193,620,000 class A-X-4 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$193,620,000 class A-X-5 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$145,215,000 class A-X-6 notional certificate 'AAAsf'; Outlook Stable;
--\$145,215,000 class A-X-7 notional certificate 'AAAsf'; Outlook Stable;
--\$48,405,000 class A-X-8 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$48,405,000 class A-X-9 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$154,896,000 class A-X-10 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$154,896,000 class A-X-11 notional exchangeable certificate 'AAAsf'; Outlook Stable;
--\$38,724,000 class A-X-12 notional certificate 'AAAsf'; Outlook Stable;
--\$38,724,000 class A-X-13 notional certificate 'AAAsf'; Outlook Stable;
--\$9,681,000 class A-X-14 notional certificate 'AAAsf'; Outlook Stable;
--\$9,681,000 class A-X-15 notional certificate 'AAAsf'; Outlook Stable;
--\$14,237,000 class A-X-16 notional certificate 'AAAsf'; Outlook Stable;
--\$14,237,000 class A-X-17 notional certificate 'AAAsf'; Outlook Stable;
--\$8,336,000 class B-1 certificate 'AAsf'; Outlook Stable;
--\$6,358,000 class B-2 certificate 'Asf'; Outlook Stable;
--\$4,521,000 class B-3 certificate 'BBBsf'; Outlook Stable;
--\$2,402,000 class B-4 certificate 'BBsf'; Outlook Stable.

The \$3,109,336 class B-5 certificate is not rated by Fitch.

The notes are supported by 389 prime mortgages with a total balance of approximately \$283.9 million as of the cutoff date.

The 'AAAsf' rating on the class A notes reflects the 8.75% subordination provided by the 2.95% class B-1, 2.25% class B-2, 1.60% class B-3, 0.85% class B-4, and 1.10% class B-5 certificates.

Fitch's ratings on the class A notes reflect the strong credit attributes of the underlying collateral, the representation and warranty framework, and minimal due diligence findings.

KEY RATING DRIVERS

High Quality Mortgage Collateral: The collateral pool consists of 30-year, fixed-rate, fully amortizing loans to borrowers with strong credit profiles, low leverage, and considerable liquid reserves. Third-party, loan-level due diligence was conducted on 100% of the pool with no material findings indicating strong underwriting controls.

Robust Representation Framework but Weak Providers: The representation, warranty, and enforcement mechanism (RW&E) framework is viewed positively by the agency as it is consistent with Fitch's criteria. However, the financial condition profile of most of the underlying lenders who will be providing the reps as well as WinWater as backstop for some resulted in an adjustment to Fitch's loss expectations to account for the possibility of slightly higher defaults and losses arising from the counterparties' inability to repurchase loans due to breaches. The adjustment considered the 100% due diligence review as well as the high quality of the mortgage loans.

Extraordinary Trust Expense Adjustment: For this transaction, the extraordinary trust expenses will be deducted from available funds rather than the pool's net weighted average coupon (WAC). Because collections and credit loss protection otherwise distributable as interest and principal to certificateholders may be used to pay for loan file reviews and expenses associated with rep enforcement and arbitration, Fitch increased its loss expectations by 30 bps for class A, 25 bps for class B-1, 20 bps for class B-2 and 10 bps for classes B-3 and B-4.

Issuer with Limited Operating History: WinWater Home Mortgage LLC (WinWater) was formed in January 2013 and began locking loans later that year. Fitch conducted a review of WinWater's platform in January 2014 and believes that WinWater meets the industry standards to source prime jumbo mortgage loans. While WinWater has an overall assessment of average, the limited operating history and performance track record was considered by the agency in its assessment. All loans in the pool were underwritten to WinWater's bulk or conduit guidelines, which Fitch believes are supportive of a prime jumbo program.

Originators with Limited Performance History: The loans were originated by lenders with limited non-agency performance history. However, all of the loans were reviewed by a third-party due diligence firm to determine adherence to WinWater's underwriting guidelines and credit overlays with immaterial findings noted.

Safe-Harbor Qualified Mortgages: Of the total pool, 370 loans (approximately 95% by loan count) are primary or secondary residences with application dates of Jan. 10, 2014 or later and are, therefore, subject to the subject to the ability-to-repay (ATR)/qualified mortgage (QM) Rule. All of the loans subject to this rule were classified as safe harbor QM (SHQM), for which no adjustment was made. The remainder of the loans was not subject to the ATR/QM Rule as they were investor properties or their application dates were prior to Jan. 10, 2014.

Geographic Concentration Risk: The top three metropolitan statistical areas (MSAs) account for approximately 32% and are all concentrated in California. The largest concentration at the MSA level is in Los Angeles (12.8%) followed by San Francisco (9.9%) and San Jose (9.1%). To account for the pool's geographic concentration, Fitch applied a penalty of 1.01x to its lifetime default expectations.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate how the ratings would react to steeper market value declines (MVDs) than assumed at both the metropolitan statistical area (MSA) and national levels. The implied rating sensitivities are only an indication of some of the potential outcomes and do not consider other risk factors that the transaction may become exposed to or be considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining how the ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10%, 20%, and 30%, in addition to the base case projected 6.1% for this pool. The analysis indicates there is some potential rating migration with higher MVDs, compared with the model projection.

Fitch's stress and rating sensitivity analysis are discussed in its presale report released today WinWater Mortgage Loan Trust 2015-1', available at 'www.fitchratings.com'.