Tennessee Housing Development Agency; Single Family Whole Loan

S&P Global Ratings affirmed its 'AA+' rating on Tennessee Housing Development Agency's (THDA) general homeownership program bond resolution (the 1985 general resolution). The outlook is stable. We are reviewing the 1985 general resolution rating based on the July 31, 2018, withdrawal of roughly $23.47 million to pay a one-time servicing-release and transfer-fee payment to U.S. Bank N.A. for the acquisition of mortgage-servicing rights transferred to Volunteer Mortgage Loan Servicing (VMLS), a division of THDA. The rating reflects our opinion of THDA's: Strong resolution cash flows with a Jan. 1, 2019, asset-to-liability (A/L) parity ratio of 133%, which reflects the servicing-rights release; Single-family, whole-loan portfolio of very strong credit quality with approximately 90% of loans, by outstanding balance, guaranteed either by

...S&P Global Ratings affirmed its '##+' rating on Tennessee Housing Development Agency's (THDA) general homeownership program bond resolution (the 1985 general resolution). The outlook is stable. We are reviewing the 1985 general resolution rating based on the July 31, 2018, withdrawal of roughly $23.47 million to pay a one-time servicing-release and transfer-fee payment to U.S. Bank N.A. for the acquisition of mortgage-servicing rights transferred to Volunteer Mortgage Loan Servicing (VMLS), a division of THDA. The rating reflects our opinion of THDA's: + Strong resolution cash flows with a Jan. 1, 2019, asset-to-liability (A/L) parity ratio of 133%, which reflects the servicing-rights release; + Single-family, whole-loan portfolio of very strong credit quality with approximately 90% of loans, by outstanding balance, guaranteed either by the U.S. government or with a loan-to-value ratio below 80%; + Sufficient liquid reserves; + Very high-quality investments; and + Bond provisions and program...

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