Fitch Updates U.S. RMBS Master Rating Criteria; Combines Other Criteria Reports
NEW YORK--(BUSINESS WIRE)--Link to Fitch Ratings' Report: U.S. RMBS Master Rating Criteria
Fitch Ratings has published an updated U.S. RMBS criteria report. This report outlines Fitch's analytical framework for assessing the risks inherent in U.S. residential mortgage-backed securities (RMBS) transactions backed by newly originated and seasoned residential mortgages.
Fitch's rating approach considers the credit risks of the underlying collateral; the soundness of the credit enhancement (CE) and legal structures; and the quality of the financial and operational condition of the parties to the transaction.
Fitch consolidated its criteria reports for originator reviews and third party due diligence as well as its rep and warranty criteria into this report. This criteria report replaces the one of the same title published on July 16, 2013, the US RMBS Originator Review and Third party Due Diligence report published April 26, 2013 and its US RMBS Representations and Warranties report published June 24, 2013. There have been no material changes from the prior reports.
Fitch will continue to review existing ratings as part of the ongoing performance analytics process, consistent with its 'U.S. RMBS Surveillance and Re-REMIC Criteria' published on July 24, 2014.
The criteria report 'U.S. RMBS Master Rating Criteria' is available is available on the Fitch Ratings web site at 'www.fitchratings.com' or by clicking on the above link.
Additional information is available at 'www.fitchratings.com.'
Applicable Criteria and Related Research:
--'U.S. RMBS Loan Loss Model Criteria' (December 2013)
--'U.S. RMBS Cash Flow Analysis Criteria' (April 2014)
--'U.S. RMBS Surveillance and Re-REMIC Criteria' (June 2014)
--'U.S. RMBS Qualified and Non-Qualified Mortgage Criteria' (March 2014)
--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 2014)
--'Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum' (May 2014)
--'Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds' (January 2014)
--'Rating Criteria for U.S. Residential and Small Balance Commercial Mortgage Servicers' (January 2014)
--'Rating Criteria for Structured Finance Servicers' (January 2014)
--'Global Structured Finance Rating Criteria' (May 2013)
--'Criteria for Rating Caps and Limitations in Global Structured Finance Transactions' (June 2013)