The highest delinquency to date of any post-crisis U.S. residential mortgage backed securities emerged in May, but it was due to a transfer of servicing of mortgages backing the deal and does not point to more widespread post-crisis late-pay increases, according to Fitch Ratings.

Sequoia 2014-1 reported that 3.37% of borrowers were behind on their payment. All of the delinquent mortgage loans in Sequoia 2014-1 had been recently transferred to Cenlar FSB. In a report published Monday, Fitch said that it has spoken with the issuer about the transfer.

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