Moody’s: SEC disclosure rule for due diligence enhances RMBS transparency

Moody’s: SEC disclosure rule for due diligence enhances RMBS transparency

A Focus on RMBS Due Diligence Best Practices. there will be many differences in terms of deal transparency and data availability compared with what the market was used to before the crisis.. we’re entering a new phase of disclosure with the SEC’s recent final rules on the review of the.

rules relating to third- party due diligence reports, with a particular focus on residential mortgage- backed securities ("RMBS"). It is not intended to be a comprehensive outline or review of Regulation AB II or of the new NRSRO rules relating to third-party due diligence reports (or the various other rules set forth in

New York, March 22, 2019 — Moody’s Investors Service (Moody’s) has assigned provisional ratings to 15 classes of residential mortgage-backed securities (RMBS) issued by GS Mortgage-Backed Securities Trust 2019-PJ1 (GSMBS 2019-PJ1).

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3. Due diligence. Article 3 of the STSR sets out new and ongoing due diligence obligations. Under Article 28(3) of the STSR, these new due diligence obligations apply to securitisations issued after 1 January 2011 (and to revolving transactions issued before then which have added assets since 1 January 2015).

The SEC adopted new and amended rules and forms to address the registration, disclosure, and reporting requirements for ABS, referred to as Reg AB. Some consideration should be given to extending the disclosure requirements under Reg AB to all Rule 144A and private placement securities.

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"The SEC’s proposal asks whether accountant and law firm letters should be considered third-party due diligence reports," Marin stated. If so, he said, "the results will need to be disclosed under the rule, but issuers may have a hard time securing the required consents to publicize these findings."

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As part of the post-financial crisis effort to reform the securitization process, the Dodd-Frank Act directed the SEC to "require issuers of asset-backed securities, at a minimum, to disclose asset-level or loan-level data, if such data are necessary for investors to independently perform due diligence" (Section 942[b]).

aspects of the proposed rules. II. Disclosure of Findings and Conclusions of Third-Party Due Diligence Providers A. Rule 1SGa-2 Section 945 of the Dodd-Frank Act requires the Commission to adopt rules requiring issuers of ABS to perform a review of the assets underlying the ABS and disclose the nature of that review in registration statements.

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