Fitch Updates U.S. RMBS Master Rating Criteria

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has published an updated U.S. RMBS Master Rating 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. The report replaces Fitch's July 1, 2014 criteria report.

While no material changes have been made to the overarching process as outlined in this report, some clarifications were made with respect to Fitch's originator review process as it relates to the Consumer Financial Protection Bureau's Ability to Repay and Qualified Mortgage (ATR/QM) rule as well as secondary valuation expectation for loan level due diligence. Fitch also expanded its expectations for conducting delinquent loan reviews for determining breaches of reps and warranties for seasoned or re- and non-performing loan pools.

This criteria report is available at 'www.fitchratings.com' or by clicking on the above link.

Additional information is available at 'www.fitchratings.com.

U.S. RMBS Master Rating Criteria

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866607

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds (pub. 19 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=838868

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 28 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Rating Criteria for Structured Finance Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864375

Rating Criteria for U.S. Residential and Small Balance Commercial Mortgage Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864368

U.S. RMBS Cash Flow Analysis Criteria (pub. 06 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863973

U.S. RMBS Loan Loss Model Criteria (pub. 17 Nov 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=810788

U.S. RMBS Qualified and Non-Qualified Mortgage Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863837

U.S. RMBS Surveillance and Re-REMIC Criteria (pub. 01 Jun 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866259

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View source version on businesswire.com: http://www.businesswire.com/news/home/20150612005862/en/

Fitch Ratings
Suzanne Mistretta
Senior Director
+1-212-908-0639
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Diane Pendley
Managing Director
+1-212-908-0777
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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